Contracts
Time is of the essence
A clause making every stated deadline a strict condition
With this clause, missing a date is itself a breach rather than a delay to be argued about. Without it, a court may allow performance within a reasonable time. It is one line of text and it changes the consequence of every other date in the contract.
How the exam asks about it
Look for the clause and the deadline in the same fact pattern. Its presence is what turns "the buyer was two days late" into a breach.
Related terms
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