 | Time is of the Essence - Not Just Boilerplate |
November-2-2005
| Area | Commercial Real Estate |
Summary
In 1473587 Ontario Inc. v. Jackson, a recently reported decision, the Ontario Court of Appeal considered the expression “time is of the essence” that is commonly found in agreements of purchase and sale, and its effect on contractual obligations that call for performance within a specified time frame. The court concluded that the purchaser’s failure to deliver the deposit within the fixed period of time entitled the vendor to terminate the agreement, notwithstanding the fact that the purchaser was able to rectify the breach.
