What Is the Significance of a Contract Clause Stating That

Multiple Choice

What is the significance of a contract clause stating that "time is of the essence?"

A) It creates a legal goal for the parties.
B) It puts a duty on the parties to a contract to perform as soon as possible.
C) It means that the contract is ineffective if the time for performance is not expressly stated.
D) It means that performance by the stated time is an express condition.
E) It means that if performance of the contract is completed within a short time of the stated time, it will be considered performed at essentially the proper time.