time is of the essence

time is of the essence
The condition of performance of a contract within the time limited for performance by the terms of the contract. 17 Am J2d Contr § 332. When it is said that time is of the essence, the proper meaning of the phrase is that performance by one party at the time specified in the contract or within the period specified in the contract is essential in order to enable him to require performance from the other party. It does not mean that delay will not give rise to a right of action against him. A breach of any promise in a contract, whether of vital importance or not will do that; nor does the phrase mean merely that time is a material matter, but that it is so material that exact compliance with the terms of the contract in this respect is essential to the right to require counter performance. Williams v Shamrock Oil & Gas Co. 128 Tex 146, 95 SW2d 1292, 107 ALR 269.

Ballentine's law dictionary. . 1998.

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