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| {{g}}{{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 time-frame is a [[fundamental breach]] justifying termination of {{tag|contract}}, a plague upon your houses, apocalyptic horsemen on the ridge and so on. | | {{g}}{{a|negotiation|}}{{time is of the essence capsule} |
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| 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>.
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| 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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| *Time is ''expressed'' to be “of the essence”;
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| *Otherwise the circumstances indicate the time limit must be complied with exactly;
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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.
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| 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]]. |
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