This document discusses the concept of "time is of the essence" in contract law. It means that parties to an agreement must perform their obligations by the agreed upon deadline. If time is essential, failure to meet the deadline allows the other party to void the contract. The document outlines relevant sections of Indian contract law, case examples, and scenarios where time may or may not be essential depending on the nature of the contract. It concludes that the importance of time depends on the parties' intentions as expressed in the agreement or implied by their conduct.

1. TIME AS THE ESSENCE
OF A CONTRACT
BY:- Pratham Ajmera(A015)
Karishma Singh(A054)
Akshaya Saksena(A066)

2. 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.

3. 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

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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

11. 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

12. 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

13. PRESENT SCENARIO
 Construction contracts
 In Business
 Carriage by Air
 Non-Commercial Matters
 Extension of time

14. 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.