Coupon Accepted Successfully!


Time as the essence of contract

If time of performance has been specified and there is a delay in the performance by the promisor, the promisee shall be entitled to certain rights as laid down in Sec. 55. These rights shall depend upon whether or not time was of the essence of the contract, i.e. a crucial factor in the contract. The idea of time being the essence of the contract means that the timely performance of the obligations was considered essential by the parties to fulfill the object of the contract.
The phrase ‘time as the essence of the contract’ means that the time is an essential element, and the concerned parties must perform their respective promises within the specified time.

Test Your Skills Now!
Take a Quiz now
Reviewer Name