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Real Estate/Development

Feb. 6, 2004

Case Adds Uncertainty About Effect Of 'Time Is of the Essence' Clauses

Focus Column - Real Property - By Angele Solano - Contracts for real-estate purchase and sales transactions routinely include a "time is of the essence" provision. Parties may assume that this language, paired with a specified date or time by which the transaction must close, provides a basis for one party to terminate the contract if the other party does not timely perform its obligations.

        Focus Column
        
        Real Property
        
        By An...

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