Earlier quoted context omitted.
In the real world there are lots of drop-dead deadlines with no possibility of extension, usually imposed by external constraints.
In the real world you usually have the option of scaling back the scope of what you deliver to meet a deadline. If school were more representative of typical workplace conditions, you'd have the option of taking the first half of the midterm half-way through the semester and then taking the other half at the end, and then you could scale back the credits you get for the course from 3 to 1.5. Then you could do the sec…
In most of these cases you can't really scale back; you're either ready by the deadline or you're not, with catastrophic consequences for not being ready.