MO 3.0 hours Contracts and Leasing Course Syllabus
3.0 Elective Hours.
"Time is of the Essence" is a phrase often used in contracts, which, in effect says: the specified time and dates in this agreement are vital and thus, mandatory, and is important. Therefore, any delay, even slight, will be grounds for canceling the agreement.
Failure to act within the time required in a contract constitutes a breach. If the other party to a contract does not perform its obligations on time, you may find yourself late for a very important date. A general rule is that time is not of the essence unless the contract expressly provides such language. As a result, regarding real estate transactions, the common view is that time is not of the essence unless the parties have expressed such an intent. When time is not of the essence, courts usually permit parties to perform their obligations within a reasonable time.
This course explores the “Time is of the Essence” phrase as well as other aspects of real estate contracts and leasing agreements. This course is a great refresher for the seasoned real estate professional and a must have for new agents. Protect yourself with our Contracts and Leasing course.