Question: An important clause in a standard form contract for the purchase and sale of real estate often deals with time. When a contract specifies that

An important clause in a standard form contract for the purchase and sale of real estate often deals with time. When a contract specifies that "time is of the essence," all of the following are true EXCEPT: Multiple Choice O the slightest breach of a specified time limit constitutes a "drop-dead" breach of contract. an aggrieved party can take immediate action when a specified time limit in the contract is breached. deadlines specified in the contract must be honored only within a "reasonable time". time limits specified in the contract are legally binding for both parties.

An important clause in a standard form contract for the purchase and sale of real estate often deals with time. When a contract specifies that "time is of the essence," all of the following are true EXCEPT: Multiple Choice the slightest breach of a specified time timit constitutes a "drop-dead" breach of contract. an aggrieved party can take immediate action when a specified time limit in the controct is breached. deadines specified in the contract must be honored only within a "reasonabie time: time limits specified in the contract are legally binding for both parties

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