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.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • time is of the essence — When a clause in a contract (normally related to a time deadline) is made of the essence , it means that the innocent party can claim immediately if the relevant provision is broken without having to give any notice or allow a period for… …   Law dictionary

  • time is of the essence — ► used to say that you should not wait or waste time before doing something important or urgent: »Environmentalists argue that time is of the essence in redirecting transportation money from roads to transit. Main Entry: ↑time …   Financial and business terms

  • Time is of the essence — is a term in contract law which indicates that the parties to the agreement must perform by the time to which the parties have agreed if a delay will cause material harm, such as the court s interpretation in the case of Foundation Development… …   Wikipedia

  • time is of the essence — formal phrase used for emphasizing that something should be done as soon as possible Thesaurus: ways of telling someone to hurrysynonym Main entry: time …   Useful english dictionary

  • Time Is of the Essence — Infobox Album | Name = Time Is of the Essence Type = Studio Album Artist = Michael Brecker Released = 1999 Recorded = Genre = Jazz Length = 69:57 Label = Verve Records Producer = George Whitty Reviews = *Allmusic Rating|3|5… …   Wikipedia

  • time is of the essence — it is important to work as quickly as possible, make hay while...    When you re paying $75 an hour for a lawyer s services, time is of the essence …   English idioms

  • Time is of the essence (disambiguation) — Time is of the essence may refer to:* Time is of the essence, a legal term. * Time Is of the Essence , an album title released by Michael Brecker …   Wikipedia

  • time is of the essence —    A phrase often used in contracts that indicates that scheduling or timing (e.g., in making a delivery or completing a project) is the most important aspect of the agreement and any delay may be grounds for cancellation …   Business law dictionary

  • time is of the essence — formal used for emphasizing that something should be done as soon as possible …   English dictionary

  • time of the essence — When a clause in a contract (normally related to a time deadline) is made of the essence , it means that the innocent party can claim immediately if the relevant provision is broken without having to give any notice or allow a period for… …   Law dictionary

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”