Template:Time is of the essence capsule

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Time is of the essenceCite error: Closing </ref> missing for <ref> tag.

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.
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