PUTTING TOGETHER THE PUZZLE OF TIME OF THE ESSENCE
AbstractIn the law of contract, the concept of time of the essence takes shape out of a variety of doctrines and topics. Waiver, election penalties, specific performance, equitable relief from forfeiture, restitution the nature of a deposit statutory provisions, the theory of contract terms, and the fusion of equity and the common law are some of the doctrines and topics involved. In addition, case law provides special rules for the interpretation and application of time of the essence. The purposes of this article are to examine and describe these various parts of time of the essence to create a synthesis or understanding of this complex topic.
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