Template:Grace periods and time of essence: Difference between revisions

===[[Grace periods]] and “the 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 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 which, in the [[JC]]’s opinion, makes no sense at all. Time being of the essence means one should pay exact attention to the time-limits prescribed by a contract, not ignore them. Here, more than anywhere, one should assume the parties meant what they said. That includes the [[grace period]]s they so [[tedious]]ly injected into that {{t|contract}}. <br>