who said time is of the essence quote
Time is of the essence "Time is of the essence" is a term used in contract law in England and Wales, Canada, Australia, New Zealand, other Commonwealth counties and the United States expressing "the need for timely completion",[1] i.e. indicating that one or more parties to the agreement must perform by the time to which the parties have agreed if a delay will cause material harm. However, in the case of Foundation Development Corp. v. Loehmann's Inc. 788 P.2d 1189 (Arizona 1990), in which the lease included a Time is of the essence clause, the court ruled that a minor delay did not cause material harm and thus no breach of contract occurred.[2]