Real estate purchase and sale contracts have included the magic language, “Time is of the Essence” (TOE), seemingly since time immemorial.
Standing the Test of 'Time Is of the Essence'
Real estate purchase and sale contracts have included the magic language, "Time is of the Essence" (TOE), seemingly since time immemorial. Practitioners should be mindful, however, of the meaning of TOE and the significance of its absence from a contract.
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