Engineering Board Exam Reviewer · ECE · medium
'Time is of the essence' in a contract means that:
- The contract has no deadline
- Completion on or before the deadline is a material requirement, and delay is a substantial breach
- Payment must be made immediately
- Work can be performed only at night
Answer
B. Completion on or before the deadline is a material requirement, and delay is a substantial breach
Solution
Delay may justify termination and damages.
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