18:19
that's at least $300
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
essence, of the
Read a random definition: BTS
A quick definition of essence, of the:
The essence of something is the most important part of it. When something is said to be "of the essence" in a contract, it means that it is so important that if it is not done on time, the contract can be cancelled. For example, if a contract says that a job must be completed by a certain date, and that date is "of the essence," it means that if the job is not done by that date, the contract can be cancelled and the person who hired the other person can find someone else to do the job.
A more thorough explanation:
Definition: When a contractual requirement is so important that if it is not met, the person who made the promise will be considered to have broken the contract and the other person can cancel the contract. This is known as "of the essence".
Example: If a contractor agrees to finish building a house by a certain date, and the contract states that "time is of the essence", then if the contractor does not finish the house by that date, the homeowner can cancel the contract and hire someone else to finish the job.
This example illustrates how the phrase "of the essence" is used to emphasize the importance of meeting a specific requirement in a contract. In this case, the requirement is the deadline for completing the construction project.