A builder-seller is supposed to close on the sale of a new house the 30th of this monthDue to labor problems, construction is behind schedule by at least 30 daysIf the phrase "time is of the essence" appears after the closing date in contract being used in this transaction, which of the following statements is true?
a. The builder-seller may still be held liable for the late completion of the house due to the "time is of the essence" clause.
b. The buyer may have the right to terminate the contract due to the delayed completion of the house.
c. The builder-seller may be able to request an extension for the completion date if "time is of the essence" is included in the contract.
d. Both the builder-seller and the buyer may be able to negotiate a new closing date despite the "time is of the essence" clause.