A term, normally
found in an agreement/contract for sale of
real property, requiring punctual
performance of the terms of a contract.
Failure to act within the time required
constitutes a breach of the contract. The
general rule is that time is not of the
essence unless the contract expressly so
provides. As a result, with respect to real
estate transactions, the modern view is that
time is not of the essence unless the
parties have manifested such an intent. The
same is generally true in construction
contracts and in contracts relating to the
manufacture of goods. When time is not of
the essence, courts generally permit parties
to perform their obligations within a
reasonable time.
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