Part I The Obligation to Perform On Time, 2 The Importance of Timely Performance

2.01 One of the most frequently litigated questions with regard to timely performance relates to its importance within the contract as a whole. This is generally expressed by asking whether time is or is not ‘of the essence’. This concept has been used in a number of different senses,1 but what it boils down to is this. Where time is of the essence, the promisee2 can terminate performance, or treat the contract as repudiated, in the event of any delay in performance by the promisor, be it long or short. But where time is not of the essence, the promisee can only...