Practice point: When it is expressly stated that time is of the essence, the parties are obligated to strictly comply with the contract terms.
Students should note that, once the seller is in breach, the buyer has no further duty to entertain the seller's proposed alternate closing dates.
The case is Champion v. Blue Water Advisors, Inc., NY Slip Op 02045 (1st Dept. 2011
Tomorrow's issue is attorney-client relationships.
