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TIME AS THE ESSENCE OF A CONTRACT
BY:- Pratham Ajmera(A015)
Karishma Singh(A054)
Akshaya Saksena(A066)
INTRODUCTION
"Time is the essence" is a term
in contract law which
indicates that the parties to
the agreement must perform
by the time to which the
parties have agreed.
MEANING
Time is a very important fact in the
contract. The basic meaning of time
is the period or a limit in which the
contracts is fulfil. In the absence of
the any expressed time by the
parties to an agreement or
contracts, the contract is perform
within a reasonable time
IN CASE OF NON-PERFORMANCE
When time is essence of the
contract, non performance of the
contract in time would frustrate the
purpose which the parties have in
mind, and, therefore, if in such a
case, there is delay in the
performance by one party, the other
party has a right to avoid the
contract.
PROVISIONS
SECTION 46:-
Time for performance of promise, where no
application is to be made and no time is specified.
–Where, by the contract, a promisor is to perform
without application by the promisee, and no time
for performance is specified, the engagement must
be performed within a reasonable time.
PROVISIONS
SECTION 47:-
Time and place for performance of promise, where time is
specified and no application to be made- When a promise
is to be performed on a certain day, and the promisor has
undertaken to perform it without application by the
promise, the promisor may perform it at any time during
the usual hours of business on such day and at the place
at which the promise ought to be performed.
PROVISIONS
SECTIONS 48:-
Application for performance on certain day to be at
proper time and place-
When a promise to be performed on a certain day, and
the promisor has not undertaken to perform it without
application by the promise, it is the duty of the promisee,
it is the duty of the promise to apply for performance at
a proper place and within the usual hours of business.
PROVISIONS
SECTION 50:-
Performance in manner or at time
prescribed or sanctioned by promisee.-
The performance of any promise may be
made in any manner, or at any time which
the promisee prescribes or sanctions.
PROVISIONS
SECTION 55:-
when a party to a contract promises to do a certain
thing at or before a specified time, or certain things
at or before specified time, the contract, or so much
of it as has not been performed, becomes voidable
at the option of the promisee, if the intention of the
parties was that the time should be of the essence
of the contracts.
RELEVANT CASES
BISHAMBER NATH AGARWAL V. KISHAN CHAND
HARYANA TELECOM LTD. V. UNION OF INDIA
SWARNAM RAMCHANDRAM V. ARAVACODE
CHAKUNGAL JAYAPALAN
BHUDRA CHAND V. BETTS
RELEVANT CASES
MAHABIR PRASAD V. DURGA RUNGTA DATT
TRAILAKYANATH MAITY V. PROVABATI SANTRA
MANGALRAM NAMASUDRA V. PERMANAND
NAMSUDRA
DEVENDER SINGH V. STATE OF U.P
WHEN TIME IS NOT AN ESSENCE OF A CONTRACT
When time is not essential for both the
parties
In case of supply of regular goods
When the nature of contract doesn’t make
time an essential requirement
PRESENT SCENARIO
Construction contracts
In Business
Carriage by Air
Non-Commercial Matters
Extension of time
CONCLUSION
Time is very important aspect in each and
every valid contract. The essence of time is
depending on the nature of the transaction
and the situation and circumstance in each
case. The importance of the time in the
contracts is depending on the intention of
the parties. The parties either expressly or
by their conduct can make time as essence
of the contract.