When a contract for the sale of real estate includes the phrase, time is of the essence, those words indicate that:

(a) Life is short, so we must use our time wisely.

(b) All time periods specified in the contract may be extended by the purchaser, but not the seller.

(c) All time periods specified in the contract may be extended by the seller, but not the purchaser.

(d) All time periods specified in the contract will be strictly interpreted under all circumstances, and if either party fails to satisfy its obligations in a timely manner then that failure will constitute a substantial and material breach.

(e) Prior in time is prior in right.