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Time is of the essence: Difference between revisions
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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 contract, a plague upon your houses, apocalyptic horsemen on the ridge and so on. | {{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, an action | 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: | But as always, the dear old [[courts of chancery]] have to have their say. In equity, time is only fundamental to a contract if: | ||
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*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. | *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]]. | Thanks to the [[Law of Property Act 1925]], Section 41, the rules at equity now apply in contract as well. [[Eheu]]. | ||
{{seealso}} | |||
*[[Law of Property Act 1925]] | |||
{{ref}} | {{ref}} | ||