Discharge by lapse of time
- If time is the essence of the contract, then the performance must take place within the stipulated time. A delay will make the contract voidable at the option of the other party.
- If time is not the essence of the contract then such a contract is not discharged even if the obligations are not performed on time.
The period of limitation for recovering a moveable property is 3 years and is 12 years for the recovery of immovable property.
Note: If the contractual rights are not enforced within the specified limitation period, the court will not enforce the contract.