11:56
Thanks wasp, I will.
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Simple English definitions for legal terms
time is of the essence
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A quick definition of time is of the essence:
Term: Time is of the essence
Definition: When people make a promise to do something, they need to do it on time. If they don't do it on time, it can cause problems. "Time is of the essence" is a way to remind people that they need to do what they promised on time. For example, if someone promises to deliver something to another person, they need to do it on the day they promised. If they don't, it can cause problems for the person waiting for the delivery. So, "time is of the essence" means that timing is very important when people make promises to each other.
A more thorough explanation:
In a legal context, "time is of the essence" means that timing is very important to complete the obligations of a contract. This phrase is often included in the language of a contract to emphasize the importance of completing tasks on time.
Let's say you are buying a car from a dealership. The contract may include a clause that says "time is of the essence" for the delivery of the car. This means that the dealership must deliver the car to you on the agreed-upon date, and if they don't, they may be in breach of the contract.
Another example could be a construction contract. The contract may include a clause that says "time is of the essence" for the completion of the project. This means that the construction company must finish the project by the agreed-upon date, and if they don't, they may be in breach of the contract.
These examples illustrate how "time is of the essence" emphasizes the importance of completing tasks on time in a contract. It means that the parties involved must take timing seriously and complete their obligations on time.