82,882
edits
Time is of the essence: Difference between revisions
no edit summary
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
{{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 | {{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. | ||
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>. | ||
| Line 10: | Line 10: | ||
Thanks to the [[Law of Property Act 1925]], Section 41, the rules at equity now apply in contract as well. [[Eheu]]. | 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]] | *[[Law of Property Act 1925]] | ||
*[[fundamental breach]] (aka [[repudiatory breach]]) | |||
{{ref}} | {{ref}} | ||