Cases where time is considered to be the essence of the contract
- When the parties have expressly agreed to treat the time as the essence of the contract
- When the non-performance at the specified time operates as an injury to the other party
- When the nature and necessity of the contract requires the performance of the contract within the specified time
Note: In case of mercantile contracts, the time fixed for the delivery of goods is considered to be the essence of a contract and not the time fixed for the payment of the price. Transactions regarding the purchase and sale of shares also generally consider time as the essence of the contract.