It states I have 30 days to do such and such, the letter is from a lawyer. It involves buying a piece of real estate, it was effective of july 2nd. How many days do i have left?
2007-07-23 08:04:42 · 2 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
The phrase "time is of the essence" means (in legal parlance) that the dates specified are not soft -- they are considered essential parts of the contract.
For example, say a closing is supposed to happen on August 1st. In a normal contract, if the closing happens on August 2nd, the person who caused the delay would only be liable for any damages that resulted in that one-day delay -- but both are still bound to the contract.
However, if the contract stated that "time is of the essence", then if the closing does not happen on August 1st, the person who didn't cause the delay could walk away entirely -- the delay is considered a fatal breach relieving the other person from all obligations.
If the contract specified 30 days from July 2nd, that would be a deadline of August 1st, since July has 31 days.
2007-07-23 08:09:41 · answer #1 · answered by coragryph 7 · 0⤊ 0⤋
Whether weekends are included depends on the local rules and the length of time. Weekends are often not included for periods of 14 days or less. However, they are often included for periods of 30 days. If they are included, you have until August 1.
Yet, from the little information you give, I am already dubious about the legitimacy of this offer. Letters, especially unsolicited ones, that urge you to "act now" because "time is of the essence," can often be part of a scam or just a bad deal. I would tread lightly if I were you.
2007-07-23 08:11:52 · answer #2 · answered by Tim M 3 · 0⤊ 0⤋