Template:Time is of the essence capsule: Difference between revisions
Jump to navigation
Jump to search
Amwelladmin (talk | contribs) Created page with "Time is of the essence<ref>Or is a magic incantation that one puts into a contract to designate that, whatever else might go down, a party’s failure to comply w..." |
Amwelladmin (talk | contribs) No edit summary |
||
| (3 intermediate revisions by the same user not shown) | |||
| Line 1: | Line 1: | ||
[[Time is of the essence]]<ref>Or | [[Time is of the essence]]<ref>Or “time shall be of the essence”, or “time shall be deemed to be on or about the essence” — let your imaginations run wild.</ref> is a [[magic incantation]] that one puts into a [[contract]] to designate that, whatever else might go down, a party’s failure to comply with obligations within the stated time-frame is a [[fundamental breach]] justifying termination of [[contract]], a plague upon your houses, apocalyptic horsemen on the ridge and so on. | ||
Now at [[common law]], time is — ''was'' — ''always'' of the essence. When any time is specified for the completion of an action, one party has an action if the other doesn’t performed by that time<ref>{{citer|Parkin|Thorold|1852|16Beav.|59}}.</ref> | Now at [[common law]], time is — ''was'' — ''always'' of the essence. When any time is specified for the completion of an action, one party has an action if the other doesn’t performed by that time.<ref>{{citer|Parkin|Thorold|1852|16Beav.|59}}.</ref> | ||
But as always, the dear old [[courts of chancery]] have to have their say. In equity, time is only fundamental to a contract if: | But as always, the dear old [[courts of chancery]] have to have their say. In equity, time is only fundamental to a contract if: | ||
Latest revision as of 13:30, 14 August 2024
Time is of the essence[1] is a magic incantation that one puts into a contract to designate that, whatever else might go down, a party’s failure to comply with obligations within the stated time-frame is a fundamental breach justifying termination of contract, a plague upon your houses, apocalyptic horsemen on the ridge and so on.
Now at common law, time is — was — always of the essence. When any time is specified for the completion of an action, one party has an action if the other doesn’t performed by that time.[2]
But as always, the dear old courts of chancery have to have their say. In equity, time is only fundamental to a contract if:
- it is expressed to be “of the essence”; or
- Otherwise, the circumstances indicate the time limit must be complied with exactly;
- Where neither of the above applies, but one party has been unduly delaysome, the other can give notice requiring performance within a reasonable time, therefore making time of the essence.
- ↑ Or “time shall be of the essence”, or “time shall be deemed to be on or about the essence” — let your imaginations run wild.
- ↑ Parkin v Thorold (1852) 16Beav. 59.