0
"Time is of the essence" is a phrase used to emphasize that the actions described need to be completed in a reasonable amount of time.
This phrase requires a party to act within the time set forth in the document. Often if the party fails to act within the time prescribed, the other party has a recourse such as a fine per day of non-action or even voiding the contract.
If no time is prescribed or the time set forth is woefully inadequate, then the standard for a party to act is within a reasonable amount of time. This may seem like a vague term but it is surprising how often 100 people polled agree on what a reasonable time would be. The problem here arises when the parties can't agree on what is a reasonable time and the disagreement ends up with a judge deciding the matter.
In all matters involving real estate, be as specific as is possible. You need to ask a lawyer or real estate agent how much time certain acts will require, Include these time windows where appropriate and include the phrase "time is of the essence" so the time windows are enforceable.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What does the phrase there is no such thing as quick and easy wealth mean?
It means that it always takes time to make money and you have to work hard for it.
What does the name essence mean?
The name Essemce means- sweet, faithful, and true to the heart.
What process is the essence of marketing?
which process is the essence of marketing?
What is the essence of dramatic communication?
In theatre the essence of dramatic communication is diction.
What does etvir mean in real estate?
What does etvir mean on a deed on real estate
What phrase is correct time is of essence or time is of the essence?
"Time is of the essence" is the correct version of the saying.
What is this phrase mean from Hawaiian to English Ke 'ano'ano o ke Anuenue?
Aloha. Answer: The essence or reason for the rainbow. (`ano`ano is seed) a hui hou (until next time)
Who coined the phrase 'Time is of the essence'?
It is an old phrase, origin not known. Seen originally in legal documents, so that actions provided for in the legal document must be completed by the date given
What does time phrase mean?
go back in time
When was Time Is of the Essence created?
Time Is of the Essence was created in 1999.
What does capax divinae essentiae mean?
The complete Latin phrase means that man has the capacity (capax) to see (visionis) the divine (divinae) essence (essentiae).
What does the phrase frozen in time mean?
The phrase frozen in time means has not/hasn't been touched for centuries.
What does the phrase time is precious mean?
It means that time has value.
What does picking daisies mean?
The phrase picking daisies can mean smoking weed. However the phrase can mean an innocent way of wasting time.
What magazine is called the Magazine of Today's Black Woman?
I believe you are talking about Essence. Maybe they borrowed the title from the old phrase- implying- let"s hurry things up- Time is of the Essence! ( Time is, of course a magazine of the Time-Life chain.)
Is New Jersey a Time Is of the Essence state?
Yes NJ is a Time is of the Essence state.
How can you use essence in a sentence?
Time is on the essence; hurry up!
