Question

Which term or terms would most completely commit the signers?

a. "Subject to financing"
b. "As-is"
c. "Time is of the essence"
d. "Without recourse"

Answer 1

The term that would most completely commit the signers is 'Time is of the essence', which emphasizes the importance of meeting deadlines and completing obligations on time.

Step-by-step explanation:

Among the given options, the term that would most completely commit the signers is 'Time is of the essence'.

When a contract includes the phrase 'Time is of the essence', it means that strict compliance with the timing of the contract is essential and necessary for its enforcement. This term emphasizes the importance of meeting deadlines and completing obligations on time.

For example, if a real estate contract includes the clause 'Time is of the essence', it means that the parties involved must perform their obligations within the specified timeframes, such as completing inspections, obtaining financing, and closing the deal, or else they may be in breach of the contract.