Time is of the Essence
All right, so earlier I talked about time is of the essence, and you know what, that’s a word of the day. Time is of the essence is not a word. It’s more of a phrase. But I felt that it was it was good to touch on today, since we mentioned it earlier. So time is of the essence is a phrase often used in contracts, which in effect says the specified time and dates in this agreement are vital and thus mandatory. And we mean it. I thought that was funny.
Therefore, any delay, reasonable or not, slight or not, will be grounds for canceling the contract. So basically, if you have a contract that is executed, OK, that is. And if it’s in effect, it’s an executed contract in effect, time is of the essence is what we follow.
So I’m going to use it in a sentence. OK, maybe this will help. If a contract does not expressly provide or the parties have not manifested such an intent, then time is not of the essence. So if you don’t have execute a contract, you’re just talking about these things. You can’t say, hey, time is of the essence, send it over to me. No, that’s using it. Improper it is. If something is in effect, which is a contract, a contract is in effect. OK, so there you go. Time is of the essence