Template:Grace periods and time of essence: Difference between revisions
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===[[Grace period]]s and “the [[Time is of the essence|essence]]”=== | ===[[Grace period]]s and “the [[Time is of the essence|essence]]”=== | ||
We have heard it argued that [[time being of the essence]] might override otherwise carefully negotiated [[grace period]]s. When challenged, the [[counsel]] in question was tongue-tied for a moment, before mumbling something about litigation over the [[Lehman administration]]<ref>As we all know, the [[Lehman administration]] was, in the Harry Potter universe, a [[Horcrux]] and, in our own, charted a new portion of legal [[space-time]] where normal rules of Euclidean geometry do not apply.</ref> but could not, ultimately supply any actual authority for this proposition | We have heard it argued that [[time being of the essence]] might override otherwise carefully negotiated [[grace period]]s. When challenged, the [[counsel]] in question was tongue-tied for a moment, before mumbling something about litigation over the [[Lehman administration]]<ref>As we all know, the [[Lehman administration]] was, in the Harry Potter universe, a [[Horcrux]] and, in our own, charted a new portion of legal [[space-time]] where normal rules of Euclidean geometry do not apply.</ref> but could not, ultimately supply any grounds, let alone actual authority, for this proposition<ref>Please write in if you can think of one.</ref>. [[Time being of the essence]] means, more than anywhere, that one should assume the parties meant what precisely what they said. Here, one should pay exact attention to the time limits prescribed by a {{t|contract}} — including the [[grace period]]s so [[tedious]]ly injected into it — not ignore them. <br> | ||
Revision as of 17:56, 11 November 2019
Grace periods and “the essence”
We have heard it argued that time being of the essence might override otherwise carefully negotiated grace periods. When challenged, the counsel in question was tongue-tied for a moment, before mumbling something about litigation over the Lehman administration[1] but could not, ultimately supply any grounds, let alone actual authority, for this proposition[2]. Time being of the essence means, more than anywhere, that one should assume the parties meant what precisely what they said. Here, one should pay exact attention to the time limits prescribed by a contract — including the grace periods so tediously injected into it — not ignore them.
- ↑ As we all know, the Lehman administration was, in the Harry Potter universe, a Horcrux and, in our own, charted a new portion of legal space-time where normal rules of Euclidean geometry do not apply.
- ↑ Please write in if you can think of one.