I recently rented a storage space, and in the fine print, there was a separate paragraph with only one sentence:
“4. Time is of the essence.”
I don’t have a Black’s law dictionary handy, so can anybody tell me what this phrase means legally??
Phouchg
Lovable Rogue
A lawyer who was teaching a class I took recently said it means that you are bound by the time limits, specified dates, etc., that are outlined in the contract. E.g., if it says you have 14 days from the date you notify them that you no longer wish to rent the space to remove your belongings, and if you don’t remove them they can take possession, that means you have 14 days - not 15. If you verbally tell the place that you can’t get your stuff out for 21 days, you are still bound by the date in the contract unless you get the revision in writing.
The class I took was about real estate but I think the meaning is the same across all legally binding contracts.
I am not a lawyer, though.
Basically, missbunny is right. “Time is of the essence” means that the time limits for notices, etc. must be adhered to. If you fail to do something within the prescribed time, that is considered a breach of the contract.
Verbal modification of the contract is a different matter. Most standard contracts specifically state that they can’t me modified verbally, but must be in writing.
BTW, IIAL IRL
I asked the same question early in my posting career! Great minds think alike, fools seldom differ!
http://boards.straightdope.com/sdmb/showthread.php?threadid=15481
QTM