12.01 Where time is not of the essence, there can be no question of the contract being terminated merely because there has been some delay in performance by the promisor. For this to be the case, the delay must be a ‘frustrating’ one. Various terms have been used to describe a delay of this nature; it must ‘go to the root of the matter’;1 it must be sufficient to ‘put an end to the commercial speculation’;2 it must be ‘so long as to frustrate the mercantile adventure’.3 In the words of Asquith LJ, we are not talking here about ‘normal, moderate delay’, but delay...
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