m14 - Assignment module 14 by Shtabina A Chapter 18 Q 1 p...

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Assignment module 14 by Shtabina A. Chapter 18 Q. 1 p. 323 According to the textbook (p.313), «time is of the essence» could be implied to contracts in which failure to perform on time is a material breach. Time is of the essence when missing a contractual deadline always leads to a material breach of the contract. Generally, delay in performing the contract`s agreements will cause material harm for promisee. In addition, contract`s conditions can have direct connection with the time of its term and provide that time is on the essence. If so, courts make such limitation enforceable but also if such action will not impose an unjust penalty on the promisor. Q. 2 p. 323 The doctrine of anticipatory breach refers to a situation when promisor, prior to the time for performance, indicates an intent not to perform his duties under the contract (Textbook p.312) In the Uniform Commercial Code (§ 2-610) we read as follows. When either party repudiates the contract with respect to a performance not yet due the loss of which will substantially impair the value of the contract to the other, the aggrieved party may: for a commercially reasonable time await performance by the repudiating party; or resort to any remedy for breach, even though he has notified the repudiating party that he would await the latter's performance and has urged retraction; and in either case suspend his own performance or proceed in accordance with
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