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Time is of the essence: Question 7 options: a)Means that late performance is considered to be a breach of contract. b)Means that late performance is

Time is of the essence:

Question 7 options:

a)Means that late performance is considered to be a breach of contract.

b)Means that late performance is not a breach of contract, but the non-breaching party may sue for damages.

c)Is automatically applicable to all contracts, unless a contract specifies otherwise.

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