Principle

CONTRACT LAW — Frustration — Time of the Essence — Failure to Perform Within Stipulated Time Constitutes Breach

Area of law
CONTRACT LAW
Court
Supreme Court

This principle establishes that time is of the essence where expressly made so, where circumstances show it is intended, or in mercantile contracts with fixed times, and failure to perform within the stipulated time constitutes breach; otherwise performance must be within a reasonable time. The…

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