2007-07-07 13:28:00 · 4 answers · asked by Joe 4 in Politics & Government ➔ Law & Ethics
In legal documents, "time is of the essence" means that time periods and dates stated in the document _must_ be complied with.
For example, if a rental agreement states that a $50 late fee will be applied to payments received after close of business on the first Monday of the month, then a payment received at 5:01 p.m. Monday would be assessed the late fee, and there would be no way to escape the late fee.
2007-07-07 13:39:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
"Time is of the essence" can be found in any contract that stipulates that certain actions or reactions must be performed within a certain framework in order to not breach the contract. The term is most common in contracts for services, such as construction or remodeling, where there may be penalties if certain work is not performed within a given amount of time. But it could be found in almost any contract where certain actions are required within a particular time frame.
2007-07-07 20:44:58 · answer #2 · answered by Tom K 7 · 0⤊ 0⤋
Because rent is due when it is due. The landlord does not legally have to give a grace period. Time is of the essence.
2007-07-07 21:08:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Because the slumlords want thier freakin money ASAP.
2007-07-07 20:32:28 · answer #4 · answered by foamystash1 1 · 0⤊ 0⤋