Time is of the essence: Difference between revisions

1,083 bytes removed , 13 June 2023

Replaced content with "{{essay|boilerplate|time is of the essence|<br> {{image|Dali Clocks|jpg|}} }} {{sa}} *Law of Property Act 1925 *Fundamental breach (aka repudiatory breach) or {{t|contract}} *Waiver and estoppel {{ref}}"

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-{{a|negotiation|}}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 timeframe is a [[fundamental breach]] justifying termination of {{tag|contract}}, a plague upon your houses, apocalyptic horsemen on the ridge and so on.
+{{essay|boilerplate|time is of the essence|<br>
+{{image|Dali Clocks|jpg|}} }}
-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:
-*Time is ''expressed'' to be “of the essence”;
-*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 the contract to be performed within a reasonable time, therefore ''making'' time of the essence.
-Thanks to the [[Law of Property Act 1925]], Section 41, the rules at equity now apply in contract as well. [[Eheu]].
 {{sa}}
 *[[Law of Property Act 1925]]
 *[[Fundamental breach]] (aka [[repudiatory breach]]) or {{t|contract}}
+*[[Waiver]] and [[estoppel]]
 {{ref}}

Time is of the essence (view source)