Time is of the Essence

Time is of the Essence is a common phrase often used in contracts, which in effect says: the specified time and dates in this agreement are vital and thus, mandatory, and simply put: "We mean it." Therefore, any delay, reasonable or not, slight or not, will be grounds for cancelling the agreement. Failure to act within the time required constitutes a breach of contract. The general rule is that time is not of the essence unless the contract expressly so provides. As a result, with respect to a real estate transaction, the modern view is that time is not of the essence unless the parties have manifested such an intent. The same is generally true in construction contracts and contracts relating to the manufacture of goods. When time is not of the essence, courts generally permit parties to perform their obligations within a reasonable time. However, every situation is different. Whether time is of the essence or not in your situation, it is always in your best interest to have an attorney on your side to protect your legal matters.