Question: 9. (20 Points, Total, for this Question) Explain the legal phrase, Time is of the essence, and detail the effect this phrase has on the

9. (20 Points, Total, for this Question) Explain the legal phrase,

9. (20 Points, Total, for this Question) Explain the legal phrase, "Time is of the essence, and detail the effect this phrase has on the parties' performance of their respective contractual obligations. [HINT: You may answer this Question fully in one paragraph.]

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