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  • "Time is of the essence" is a term in British and United States 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 Corp. v. Loehmann’s Inc. 788 P.2d 1189. In that case, a minor

  • delay was not held to cause material harm and thus no breach of contract occurred.

  • Compare this to an "express clause" where a specific contract term must be performed

  • to avoid breach, such as in the court decision in Dove v. Rose Acre Farms, Inc. 434 N.E.2d

  • 931. Contrast this with reasonable time, where

  • a delay in performing may be justified if it is reasonably required, based upon subjective

  • circumstances such as unexpected weather. Black's Law Dictionary.

"Time is of the essence" is a term in British and United States contract law which indicates

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