A PROJECT PROJECT ANALYSIS ANALYSIS ON “CRITICAL ANAL ANALY YSIS OF RULE SEC 55 OF INDIAN CONTRACT ACT”
Submitted by, Rishbh si!"h, R#$$ !#%&'(&)' Se*%+ Sem%-d 1
CERTIFICATE
I, .-/RIS0A+0/ 1ith Re"2N#/&'(&)'/ O3 /III-d / Semeste- hs 4-e4-ed the 4-#e*t #!/ “A!$ysis #3 se* 55 #3 the I!di! *#!t-*t *t”///////// I! 4-ti$ 3u$3i$me!t #3 his6he- semeste- *#u-se i! the sube*t / “*#!t-*ts &”/// du-i!" the *demi* ye- &'(%(7 u!de- my su4e-8isi#! !d "uid!*e2
Si"!tu-e #3 3*u$ty
2
ACKNOWLEDEGEMENT
I, Rishbh 1#u$d $i9e t# t9e this #44#-tu!ity t# th!9 .R R2 : :ish!u 9um- ;C#!t-*ts 3*u$ty< 3#- he$4i!" !d "uidi!" me i! *#m4$eti!" my 4-#e*t2 I 1#u$d $s# $i9e t# th!9 #u- :i*e%Ch!*e$$#-, P-#3 2R2=2+2 +h"8th >um- !d #u- Re"ist--, P-#32P2Sudh9-, 3#- "i8i!" me this #44#-tu!ity t# d# deti$ed study #! the u-b! s#*i$ 4-#b$ems2 Lst$y I 1#u$d $i9e t# th!9 my 3-ie!ds 3#- thei- e33i*ie!t he$4 !d *#%#4e-ti#! i! he$4i!" me *#m4$ete my 4-#e*t 1#-9
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INDEX (2 &2 2 72 52 @2 2 B2
A+STRACT LIST OF A+RE:IATIONS DISC0AR=E OF CONTRACT SCOP SCOPE E OF OF TI. TI.E E AND ITS ITS I.P I.POR ORAN ANCE CE IN EAC0 EAC0 :ALID LID CON CONTR TRAC ACT T .EANIN= OF TI.E? LE=AL PRO:ISIONS? TI.E FOR PERFOR.ANCE EFFE EFFECT CT OF FAILUR ILURE E TO TO PER PERFO FOR. R. AT FIE FIED D TI. TI.E, E, IN CONT CONTRA RACT CT IN
)2 ('2
0IC0 TI.E IS ESSENTIAL EFFE EFFECT CT OF SUC0 SUC0 FAILUR ILURE E 0E 0EN N TI. TI.E E IS IS NOT NOT ESSE ESSENT NTIA IAL L EFFEC EFFECT T OF ACCE ACCEPT PTA ANCE OF PERF PERFOR. OR.ANC ANCE E AT AT TI.E TI.E OT0ER OT0ER T0AN T0AN T0A T0AT T
((2 (&2 (&2 (2 (72 (52 (@2 (2 (B2 ()2 20.
&(2 &&2 &2
A=RRED UPON FACTOR CTORS S 0IC 0IC0 0 .A>E .A>E TI.E TI.E OF ESSE ESSENC NCE E IN +US +USIN INES ESS S .AT .ATTERS TERS TI.E TI.E =EN =ENER ERAL ALL LY OF ESSE ESSENC NCE E CONSTRUCTION CON CONTRACTS SALE TRANSACTION LAND AND PR PROPERTY DEALIN= ALLOTE.ENT OF PLOTS A=R A=REE.E E.ENT FOR RECON ECON:E :EY YANCE NCE CO.PLETION OF TER. SALE OF S0ARES NON%CO..ERCIAL .AT .ATTERS ETENSION OF TI.E CONSEUENCE OF OF FA FAILURE CONCLUSION
LIST OF ABREVIATION AIR- ALL INDIA REPORT SC- SUPREME COURT SEC – SECTION CORP – CORPORATE C ORPORATE 4
SCC – SUPREME COURT CASE VOID - VOIDABLE
INTRODUCTION DISC0AR=E OF CONTRACT A3te- the 3#-mti#! #3 *#!t-*t, the !et st"e is -e*hed, !me$y, the 3u$3i$me!t #3 the #be*t the 4-ties hd i! mi!d2 he! the #be*t is 3u$3i$$ed, the $ibi$ity #3 eithe- 4-ty u!de- the *#!t-*t *#mes t# ! e!d2 The *#!t-*t *#!t-*t is the! sid t# be dis*h-"ed2 dis*h-"ed2 +ut 4e-3#-m!*e is !#t #!$y the 1y i! 1hi*h *#!t-*t is dis*h-"ed2 A *#!t-*t my be dis*h-"ed dis* h-"ed by
5
( & 7
Pe-3#-m!*e Im4#ssibi$ity #3 4e 4e-3#-m!*e A"-eeme!t +-e*h
SCOPE OF TI.E AND ITS I.PORANCE IN EAC0 :ALID CONTRACT A *#mm#! 3etu-es #3 *#!st-u*ti#! 8$id *#!t-*t stti!" tht “Time is the esse!*e #3 C#!t-*ts” Time is 8e-y esse!ti$ !d im4#-t!*e s4e*ts -e$ted t# the e*h 8$id *#!t-*t2 It is the bsi* !d im4#-t!*e i!"-edie!ts #3 8$id *#!t-*ts2 +ut i! the 4-ese!t s*e!-i# the time #3 8$id *#!t-*ts is de4e!d #! the e*h *ses !d situti#!2 I! s#me *ses the time is 4-es*-ibe i! the te-ms !d *#!diti#! #3 *#!t-*t but i! s#me *ses the -es#!b$e time is $s# 4$y 8e-y im4#-t!t -#$e2 The -es#!b$e time is de4e!di!" #! the !tu-e #3 the *#!t-*ts2 I3 *#!t-*ts d#es !#t s4e*i3y the time 3#- 4e-3#-m!*e the $1 1i$$ im4$y tht the 4-ties i!te!ded tht the #b$i"ti#!s u!de- the *#!t-*t sh#u$d be 4e-3#-med 1ithi! -es#!b$e time !d the Guesti#! 1ht is -es#!b$e time is i! e*h 4-ti*u$- *se, Guesti#! 3*t2 I3 i! !y *se 1he! 4-ty t# *#!t-*ts 4-#mise t# d# *e-ti! thi!"s t !y time #- be3#-e s4e*i3ied 4e-i#d #3 time !d 3i$s t# d# the 4-#mise be3#-e the 4e-i#d #3 time #- t s4e*i3ied time , the *#!t-*ts *#!t-*ts be*#me 8#idb$e 8#idb$e i3 the i!te!ti#! i!te!ti#! #3 the 4-ty tht the time is the esse!*e #3 the *#!t-*ts2( C#!t-*ts #3 $$ s#-ts s4e*i3y dte 3#- 4e-3#-m!*e 8-i#us #b$i"ti#! !d e8e! i3 the-e is bse!*e #3 s#me s4e*i3i* dte the-e is s#me usu$$y ! im4$ied te-m *$$i!" 3#- 4e-3#-m!*e 1ithi! -es#!b$e time2 “Time is #3 the esse!*e” *$uses -e used 1ith -e"u$-ity i! #the- -es #3 the $1, 4-ti*u$-$y -e$ estte !d s$e #3 "##ds 1he-e the *#u-ts "e!e-$$y 44$y st-i*t 44-#*h i! e!3#-*i!" this *$use2 I3 !y "-eeme!t sttes tht 4-ti*u$- *t -e$ti!" t# the 3u-the-!*e #3 *#!t-*ts is t# be d#!e i! 4-ti*u$- m!!e- #- time , it sh#u$d be d#!e i! tht m!!e- #- time !d it is !#t #4e! t# the 4-ties t# *h$9 #ut his #1! m!!e- #- time 4e-3#-mi!" the his 4-t #3 *#!t-*ts2 MEANING OF TIME:
th
1 1112i!di!9!!##!2*#m 8isited #! () Se4tembe-, &'(2 B2''4m
6
Time is the 8e-y im4#-t!t 3*t i! the *#!t-*t2 The bsi* me!i!" #3 time is the 4e-i#d #- $imit i! 1hi*h the *#!t-*ts is 3u$3i$2 I! the bse!*e #3 the !y e4-essed time by the 4-ties t# ! "-eeme!t #- *#!t-*ts, the *#!t-*t is 4e-3#-m 1ithi! -es#!b$e time LEGAL PROVISIONS:
Time !d 4$*e 3#- 4e-3#-m!*e ;Ss27@%5'< Sec.46 2 Time 3#- 4e-3#-m!*e #3 4-#mise, 1he-e !# 44$i*ti#! is t# be mde !d !# time is
s4e*i3ied2 Hhe-e, by the *#!t-*t, 4-#mis#- is t# 4e-3#-m 1ith#ut 44$i*ti#! by the 4-#misee, !d !# time 3#- 4e-3#-m!*e is s4e*i3ied, the e!""eme!t must be 4e-3#-med 1ithi! -es#!b$e time2 ime !d !d 4$* 4$*ee 3#3#- 4e-3 4e-3##-m m!* !*ee #3 4-#m 4-#mis ise, e, 1he-e 1he-e time time is s4e* s4e*i3 i3ied ied !d !d !# Sec.47 2 Time 44$i*ti#! t# be mde% he! 4-#mise is t# be 4e-3#-med #! *e-ti! dy, !d the 4-#mis#- hs u!de-t9e! t# 4e-3#-m it 1ith#ut 44$i*ti#! by the 4-#mise, the 4-#mis#- my 4e-3#-m it t !y time du-i!" the usu$ h#u-s #3 busi!ess #! su*h dy !d t the 4$*e t 1hi*h the 4-#mise #u"ht t# be 4e-3#-med2 44$i*t *ti# i#! ! 3#3#- 4e-3# 4e-3#-m -m! !*e *e #! *e-t *e-ti! i! dy dy t# be t 4-#4 4-#4ee- time time !d !d 4$*e 4$*e%% Sec.4 H A44$i he! 4-#mise t# be 4e-3#-med #! *e-ti! dy, !d the 4-#mis#- hs !#t u!de-t9e! t# 4e-3#-m it 1ith#ut 44$i*ti#! by the 4-#mise, it is the duty #3 the 4-#misee, it is the duty #3 the 4-#mise t# 44$y 3#- 4e-3#-m!*e t 4-#4e- 4$*e !d 1ithi! the usu$ h#u-s #3 busi!ess2 E4$!ti#! % The Guesti#! “ht is 4-#4e- time !d 4$*e” is i! e*h 4-ti*u$- *se, Guesti#! #3 3*t2
Sec.!" H Pe-3#-m!*e i! m!!e- #- t time 4-es*-ibed #- s!*ti#!ed by 4-#misee2%The
4e-3#-m!*e #3 !y 4-#mise my be mde i! !y m!!e-, m!!e-, #- t !y time 1hi*h the 4-#misee 4-#misee 4-es*-ibes #- s!*ti#!s I!di! C#!t-*t A*t, (B&2 (B&2 &
This se*ti#! is sys b#ut tht 1h#$e Guesti#! s t# the time !d m!!e- #3 4e-3#-m!*e u4#! the *h#i*e #3 the 4-#misee2 4-#misee2 It sys tht the 4e-3#-m!*e #3 !y 4-#mise my be mde i! !y 2 .u$$ The I!di! C#!t-*t A*t by Si- Di!sh1 F-du!i .u$$, (th editi#! -e4-i!t ;&'(&<, Leis
Neis +utte-1#-ths dh1, dh1, N"4u-2 N"4u-2 P"e !#2 &' 7
m!!e-, #- t !y time 1hi*h the 4-#misee 4-es*-ibes #- s!*ti#!s2 This i$$ust-ti#! 44e!ded t# the se*ti#! dese-8es t# be !#ted2 I3 4e-s#! #1es !#the- sum #3 m#!ey !d the *-edit#- te$$s him t# 4y the m#u!t i!t# his **#u!t i! b!9, 1hi*h is d#!e !d 3te-1-ds, be3#-e the *-edit#- *#mes t# 9!#1 #3 the 3*t #3 4yme!t, the b!9 3i$s, s# tht the *-edit#-s d#es !#t "et the be!e3it #3 the 4yme!t e8e! s# the debt#- is dis*h-"ed 3-#m his $ibi$ity2 he-e t1# 4e-s#!s -e mutu$$y i!debted !d they "-ee t# set #33 thei- debts dis*h-"ed 3-#m thei- -es4e*ti8e $ibi$ity 2he-e the *-edit#- **e4ts "##ds 3#-m the debt#- i! 4yme!t, the debt#- st!ds dis*h-"ed t# the ete!t #3 the 8$ue #3 the "##ds2 he-e the *-edit#- desi-es the debt#- t# se!d the m#!ey by the 4#st, the debt#- 1i$$ be dis*h-"ed s s##! s he 4#sts 4-#4e-$y dd-essed !d stm4ed $ette- *#!ti!i!" the m#!ey2 m#!ey2
Sec.!! % 1he! 4-ty t# *#!t-*t 4-#mises t# d# *e-ti! thi!" t #- be3#-e s4e*i3ied
time, #- *e-ti! thi!"s t #- be3#-e s4e*i3ied time, the *#!t-*t, #- s# mu*h #3 it s hs !#t bee! 4e-3#-med, be*#mes 8#idb$e t the #4ti#! #3 the 4-#misee, 4-#misee, i3 the i!te!ti#! #3 the 4-ties 1s
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I3 i! *se #3 *#!t-*t 8#idb$e #! **#u!t #3 the 4-#mis#-s 3i$u-e t# 4e-3#-m his 4-#mise t the time "-eed, the 4-#misee **e4ts 4e-3#-m!*e #3 su*h 4-#mise t !y time #the- th! tht "-eed, the 4-#misee *!!#t *$im *#m4e!sti#! 3#- !y $#ss #**si#!ed by the !#!% 4e-3#-m!*e #3 the 4-#mise t the time "-eed, u!$ess, t the time #3 su*h **e4t!*e he "i8es !#ti*e t# the 4-#mis#- #3 his i!te!ti#! t# d# s#2 A3te- study the s#me #3 the *ses this is the s#me 4#i!t 1hi*h m9es the time is the esse!*e #3 *#!t-*ts2% ( &
he-e he-e the the 4-t 4-ties ies h8e h8e e4e4-ess ess$y $y "-ee "-eed d t# t# t-e t-ett it it s #3 the the esse esse!* !*ee #3 #3 the the *#!t *#!t-* -*t t he-e de$y #4e-tes s s ! i!u-y hehe-ee the the !tu !tu-e -e !d !d !e*e !e*essi ssity ty #3 the the *#! *#!t- t-*ts *ts -eGu -eGui-e i-ess it it t# t# be s# *#!s *#!stt-ue ued, d, 3#3#em4$e, 1he-e 4-ty s9s 3#- ete!si#! #3 time 3#- 4e-3#-m!*e
0e 1s he$d e!tit$ed t# -e*#8e- s the 4-ties i!te!ded tht time sh#u$d be #3 the esse!*e #3 the *#!t-*t2 This *#!*$usi#! is *#!3i-med by the *i-*umst!*e tht the de3e!d!t #bti!ed ! ete!si#! #3 the time i3 the time 1e-e !#t #3 the esse!*e #3 the *#!t-*t, he !eed !#t h8e s9ed 3#- ete!si#! #3 time2
8
TIME FOR PERFORMANCE
S#metimes the 4-ties t# *#!t-*t s4e*i3ied the time 3#- its 4e-3#-m!*e2 O-di!-i$y it is e4e*ted e4e*ted tht eithe- 4-ties 1i$$ 4e-3#-m 4e-3#-m his #b$i"ti#! #b$i"ti#! t the sti4u$ted time2 time2 +ut i3 #!e #3 them 3i$s t# d# s#, the Guesti#! -ises 1ht is the e33e*t u4#! the *#!t-*t2 Se*ti#! 55 *#!ti!s the !s1e-2 EFFECT OF FAILURE TO PERFORM AT FIXED TIME# IN CONTRACT IN W$IC$ TIME IS ESSENTIAL
“he! 4-ty t# *#!t-*t 4-#mises t# d# *e-ti! thi!" t #- be3#-e s4e*i3ied time, #- *e-ti! thi!"s t #- be3#-e s4e*i3ied times, !d 3i$s t# d# !y su*h thi!" t #- be3#-e the s4e*i3ied time, the *#!t-*t, #- s# mu*h #3 it s hs !#t bee! 4e-3#-med, be*#mes 8#idb$e t the #4ti#! #3 the 4-#misee, i3 the i!te!ti#! #3 the 4-ties 1s tht time sh#u$d be #3 the esse!*e #3 the *#!t-*t2” EFFECT OF SUC$ FAILURE W$EN TIME IS NOT ESSENTIAL
I3 it 1s !#t the i!te!ti#! #3 the 4-ties, tht time sh#u$d be the esse!*e #3 the *#!t-*t, the *#!t-*t d#es !#t be*#me 8#idb$e by the 3i$u-e t# d# su*h thi!" t #- be3#-e the s4e*i3ied time, but the 4-#misee is e!tit$ed t# *#m4e!sti#! 3-#m the 4-#mis#- 3#- !y $#ss #**si#!ed t# him by su*h 3i$u-e2 EFFECT OF ACCEPTANCE OF PERFORMANCE PERFORMANC E AT TIME OT$ER T$AN T$AT AGRRED UPON
I3, i! *se #3 *#!t-*t 8#idb$e #! **#u!t #3 the 4-#mis#-s 3i$u-e t# 4e-3#-m his 4-#mise t the time "-eed, the 4-#misee **e4ts 4e-3#-m!*e #3 su*h 4-#mise t !y time #the- th! tht "-eed, the 4-#misee *!!#t *$im *#m4e!sti#! 3#- !y $#ss #**si#!ed by the !#!% 4e-3#-m!*e #3 the 4-#mise t the time "-eed, u!$ess, t the time #3 su*h **e4t!*e, he "i8es !#ti*e t# the 4-#mis#- #3 his hidde! i!te!ti#! t# d# s#2
FACTORS W$IC$ MAKE TIME OF ESSENCE
A**#-di!" t# this se*ti#!, i3 the i!te!ti#! #3 the 4-ties 1s tht time sh#u$d be the esse!*e #3 the *#!t-*t, the! 3i$u-e t# 4e-3#-m t the "-eed time -e!de-s the *#!t-*t 8#idb$e 8#idb$e t the
9
#4ti#! #3 the #44#site 4-ty2 “Time is "e!e-$$y *#!side-ed t# be #3 the esse!*e #3 the *#!t-*t i! the 3#$$#1i!" th-ee *ses ( &
hehe-ee the the 4-t 4-tie iess h8 h8ee e4 e4-e -ess ss$y $y "-e "-eed ed t# t-e t-ett it it s s #3 #3 the the *#!t *#!t- -*t *t he-e de$y #4e-tes s s ! i!u-y hehe-ee the the !tu !tu-e -e !d !d !e*e !e*ess ssit ity y #3 the the *#!t *#!t- -*t *t -eGu -eGuii-es es it t# t# be s# *#!s *#!stt-u ued, ed, 3#- 3#- em4$e, 1he-e 4-ty s9s 3#- ete!si#! #3 time 3#- 4e-3#-m!*e2”
The 1e$$%9!#1! uth#-ity is “ +hud- Ch!d 8 +etts”2 +etts” 27 I! this *se the 4$i!ti33 sti4u$ted 1ith the de3e!d!t t# e!""e his e$e4h!t 3#- the 4u-4#se #3 >hed #4e-ti#!s ;t# *4tu-e 1i$d e$e4h!ts<2 The *#!t-*t 4-#8ided tht the e$e4h!t 1#u$d be de$i8e-ed #! the ( st O*t#be-, ()(' but the de3e!d!t #bti!ed ! ete!si#! #3 time ti$$ the @th O*t#be- !d yet did !#t de$i8e- the e$e4h!t ti$$ the (( th2 The 4$i!ti33 -e3used t# **e4t the e$e4h!t !d sued 3#- dm"es 3#- b-e*h2 0e 1s he$d e!tit$ed t# -e*#8e- s the 4-ties i!te!ded tht time sh#u$d be #3 the esse!*e #3 the *#!t-*t2 “This *#!*$usi#! is *#!3i-med by the *i-*umst!*e tht the de3e!d!t de3e!d!t #bti!ed ! ete!si#! #3 the time i3 the time 1e-e !#t #3 the esse!*e #3 the *#!t-*t, he !eed !#t h8e s9ed 3#- ete!si#! #3 time2” IN BUSINESS MATTERS TIME GENERALL% OF ESSENCE
The The mtt mttee- de4e de4e!d !dss u4#! u4#! the i!te i!te!t !ti# i#! ! #3 the the 4-ti 4-ties2 es2 E8e! E8e! 1he1he-ee “ s4e*i s4e*i3i* 3i* dte dte is me!ti#!ed 3#- the *#m4$eti#! #3 the *#!t-*t, #!e hs !#t t# $##9 t the $ette- but t the subst!*e #3 the "-eeme!t i! #-de- t# s*e-ti! the -e$ i!te!ti#! #3 the 4-ties”52 I! *#mme-*i$ *#!t-*ts time is #-di!-i$y #3 the esse!*e #3 the *#!t-*t2 This is s# be*use the busi!ess 1#-$d -eGui-es *e-ti!$y !d $s# be*use “me-*h!ts -e !#t i! the hbit #3 4$*i!" u4#! thei- *#!t-*ts sti4u$ti#!s t# 1hi*h they d# !#t tt*h s#me 8$ue !d im4#-t!*e2 Thus, i! *#!t-*t t# su44$y im4#-ted "##ds i! O*t#be- #- N#8embe- @ i! 3 O-iss teti$e mi$$s $td 8 =!esh Ds, AIR ()@( Pt ('2
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5 S*hid!!d 8 =2P2 K *#, AIR ()@7
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10
*#!t-*t 3#- the 4u-*hse #3 *hssis 3#- diese$ t-u*9 t# be su44$ied 1ithi! t1# m#!ths !d i! u*ti#! 4u-*hse, 1he-e the 4-i*e 1s t# be 4id 1ithi! (5 dys, time 1s he$d t# be the esse!*e #3 *#!t-*t2 Simi$-$y, i! *#!t-*t 3#- the s$e !d 4u-*hse #3 "##ds the 4-i*es #3 1hi*h 3$u*tuted -4id$y i! the m-9et, the time #3 de$i8e-y !d #3 4yme!t -e *#!side-ed t# be #3 the esse!*e2 Thus, i! .hbi- P-sd Ru!"t 8 Du-" Dtt the Su4-eme C#u-t he$d #! the 3*ts #3 the *se tht time #3 4yme!t 1s #3 the esse!*e #3 the *#!t-*t2 The 3*ts #3 the *se 1e-e tht t-!s4#-te-, Du-" Dtt, *#!t-*ted 1ith Ru!"t, *#$$ie-y #1!e-, t# t-!s4#-t *#$ 3-#m *#$$ie-y t# the -i$1y stti#!2 The *#$$ie-y% #1!e- hd t# 9ee4 the -#d i! -e4i- !d t# --!"e 3#- 4et-#$2 0e hd $s# t# 4y 3#- the t-!s4#-tti#! #! the te!th #3 the !et m#!th2 It 1s $$e"ed tht these thi!"s 1e-e !#t d#!e i! time !d, the-e3#-e, the-e3#-e, the t-!s4#-tet-!s4#-te- *#u$d !#t "# #! 1ith his 1#-92 The t-!s4#-te- -es*i!ded the *#!t-*t !d b-#u"ht ! *ti#! 3#- dm"es2 It 1s he$d tht i! *#mme-*i$ t-!s*ti#! time is #-di!-i$y #3 the esse!*e #3 the *#!t *#!t-* -*t2 t2 I! this this *#!t *#!t-* -*tt the the time time #3 the the 4ym 4yme! e!tt !d !d #3 --! --!"i "i!" !" #the #the-- thi! thi!"s "s 1s, 1s, 4-ti*u$-$y, su*h ! im4#-t!t *#!diti#! #3 the *#!t-*t *#!t-* t tht se*ti#! 55 *#u$d be i!8#9ed by the ""-ie8ed 4-ty !d the t-!s4#-te- 1s e!tit$ed t# -es*i!d the *#!t-*t2 CONSTRUCTION CONTRACTS
Time s*hedu$e i! *#!st-u*ti#! *#!t-*t is $i9e$y t# be #3 the esse!*e be*use *#!st-u*ti#! is *#mme-*i$ se-8i*e2 he-e &7 m#!ths time 1s "i8e! t# the bui$de- 1ith sti4u$ti#! tht i3 he 3i$s t# de$i8e- 1ithi! the stted time, he 1#u$d 4y (' 4e- !!um #3 the 4u-*hse 4-i*e mesu-ed by the 4e-i#d #3 de$y, de$y, time 1s he$d t# be #3 the esse!*e e!tit$i!" -e*#8e-y #3 the sti4u$ted m#u!t2 m#u!t2 Simi$-$y, 1he-e bui$de- *#mmitme!t 1ith b!9 1s tht he 1#u$d m9e thei- bui$di!" -edy 1ithi! @ m#!ths, but *#u$d !#t d# s#, the b!9 1s $$#1ed t# te-mi!te the *#!t-*t2 The 3*t tht the b!9 ee-*ised this -i"ht 3te- & m#!ths 3te- the e4i-y #3 the sti4u$ted time did !#t m#u!t t# ! ete!si#! #3 time2 The te-mi!ti#! te-mi!ti#! #3 *#!t-*t *#!t-*t 1s he$d t# be 4-#4e4-#4e- 1he-e the *#!t-*t#*#!t-*t#- 1s !#t b$e t# d# !ythi!" t# *--y #ut the -e4i- #3 3$##d 4-#te*ti#! dm i! s4ite #3 the ete!si#! #3 the time2 The mtte- #3 time 1s 8e-y im4#-t!t 3*t#- i! the *#!t-*t2 The su4-eme *#u-t #bse-8ed tht i! *#!st-u*ti#! *#!t-*t, the time #3 the *#m4$eti#! 1#u$d be #3 the esse!*e #!$y 1he! the s4e*i$ 3etu-es eist2 7 Chye F##9 8s2 the te!" se!" -e$t y,;()B)<( m$ LJ 'B IO0 0C2
11
A *#mm#! *#mm#! 3etu-e #3 *#!st-u*ti#! *#!st-u*ti#! *#!t-*ts is *$use stti!" stti!" tht “time is #3 the esse!*e”2 esse!*e”2 I! s#me i!st!*es the *$use 1i$$ be i!se-ted s b#i$e-4$te #- 3-#m 4-e*ede!t 1ith#ut dis*ussi#!, 1hi$e i! #the- *ses #!e #- b#th #3 the 4-ties 1i$$ e4-ess$y -eGuest the *$use be i!se-ted i!t# the *#!t-*t2 Eithe- 1y, i! the m#-ity #3 *ses $itt$e th#u"ht is "i8e! t# the *$use #- it is #3te! i!se-ted 1ith#ut *$e- u!de-st!di!" #3 its me!i!" !d e33e*t2 C#!t-*t d-3te-s sh#u$d t9e *-e s “time is #3 the esse!*e” *$uses my !#t #4e-te i! the sme m!!em!!e- i! *#!st-u *#!st-u*ti *ti#! #! *#!t- *#!t-*t *t s they d# i! #the#the- situti# situti#!s, !s, 4#te!t 4#te!ti$$ i$$y y $edi! $edi!" " t# u!e4e*ted -esu$ts du-i!" the 4-#e*t2 SALE TRANSACTION
The *#u-t 1#u$d h8e t# see #! the 3*ts #3 e*h *se i!8#$8i!" s$e t-!s*ti#! 1hethe- time 3*t#- 1s esse!ti$ t# 4e-3#-m!*e #- !#t2 I! *#!t-*t #3 s$e #3 "##ds, the time #3 shi4me!t is #3 the esse!*e2 A $edi!" Su4-eme C#u-t uth#-ity is *hi! *#tt#! e4#-te- 8s beh-i $$ -m*h-! *#tt#! mi$$s $imited2 The 44e$$!ts 1h# *--ied #! ! im4#-t busi!ess t +#mby *#!t-*ted t# su44$y t# the -es4#!de!t mi$$ Gu!tity #3 the It$i! st4$e 3ib-e *#tt#!2 The shi4me!t 1s t# t9e 4$*e i! O*t#be- #- N#8embe-2 The *#!t-*t *#!*$udes by the -em-9 “this *#!t-*t is sube*t t# im4#-t $i*e!se !d the-e3#-e the shi4me!t dte is !#t "u-!teed”2 A4-t #3 the "##ds 1e-e su44$ied !d **e4ted, but the -est 1e-e !#t su44$ied i! the time me!ti#!ed2 The buye- 1!ted t# 8#id 8#id the *#!t-*t #! this "-#u!d2 It 1s he$d tht i!s4ite #3 the -em-9 the shi4me!t dte 1s !#t "u-!teed, time 1s #3 the esse!*e !d the buye- 1s e!tit$ed t# 8#id the *#!t-*t2
LAND AND PROPERT% DEALING
I! *#!t-*t 3#- the s$e #3 $!d #- imm#8b$e 4-#4e-ty, the Su4-eme C#u-t hs $id d#1! tht “it 1#u$d !#-m$$y be 4-esumed the time 1s !#t #3 the esse!*e #3 the *#!t-*t2 .e-e i!*#-4#-ti#! i! the 1-itte! "-eeme!t #3 *$use im4#si!" 4e!$ty i! *se #3 de3u$t d#es !#t by itse$3 e8ide!*e !d i!te!ti#! t# m9e time #3 the esse!*e”2 I! su*h *ses, the-e3#-e, the time time 3*t 3*t##- 1#u$ 1#u$d d !#t !#t be esse! esse!*e *e 3#3#- #bt #bti! i!i! i!" " the the -e$ie -e$ie33 #3 s4e* s4e*i3i i3i** 4e-3 4e-3#-m #-m!* !*e2 e2B
8 P!*h!! dh- 8s m#!mt !th mit y, ;&''@<5 SCC 7'
12
(2 E4$i*it sti4u$ti#! #3 de$i8e-y times is 4-*ti*$$y u!i8e-s$ i! *#!t-*ts2 Em4$es i!*$ude $b#u- *#!t-*ts 1ithi! 3i-ms, sub%*#!t-*ti!" #3 4-ts #3 $-"e- 4-#e*t t# #the- 3i-ms !d 4-#*u-eme!t *#!t-*ts 3#- $-"e%s*$e 4-#e*ts su*h s u*h s 1e4#!s systems s ystems !d i!3-st-u*tu-e2 I! I! s#me #3 these *ses, ded$i!e is dete-mi!ed e#"e!#us$y2 F#- em4$e, i3 4-#du*ti#! 4-#*ess i!8#$8es the use #3 4e-ishb$e i!4ut, 3i$i!" t# meet 4-#du*ti#! ded$i!e mi"ht me! the $#ss #3 the i!4ut i! Guesti#!2 A!#the- em4$e is situti#! i! 1hi*h #!e #3 the 4-ties is b#u!d by *#!t-*t 1ith thi-d 4-ty2 +ut i! m!y situti#!s, ded$i!e is im4#sed e!d#"e!#us$y2
2 “Time is the esse!*e” is te-m i! *#!t-*t $1 1hi*h i!di*tes tht the 4-ties t# the "-eeme!t must 4e-3#-m by the time t# 1hi*h the 4-ties h8e "-eed2 I! the busi!ess mtte- "e!e-$$y time is esse!*e2 ess e!*e2 The busi!ess mtte-s de4e!d u4#! the i!te!ti#! #3 the 4-ties2 E8e! 1he-e “ s4e*i3i* dte is me!ti#!ed #3 the *#m4$eti#! 3#- the *#!t-*t” time s*hedu$e $s# 8e-y esse!ti$ i! the *#!st-u*ti#! *#!t-*ts be*use *#!st-u*ti#! is *#mme-*i$ se-8i*e 2I! #i!t 8e!tu-e "-eeme!t, #!e #3 the *$uses 1s tht the de3e!d!ts 1e-e t# 4e-3#-m *e-ti! 3#-m$ities 1ithi! 5 ye-s, !d !d tht, #! 3i$u-e t# d# s#, the "-eeme!t 1s t# be*#me !u$$ !d 8#id2 I! the s$e t-!s*ti#!s time 3*t#- is esse!ti$ t# 4e-3#-m!*e2 I! the s$e t-!s*ti#! the-e is im4#-t!*e #3 time 3*t#-2 Time is $s# ! esse!ti$ 4-t #3 !y *#!t-*t -e$ted t# the $!d !d P-#4e-ty2 The 4-ties my m9e time #3 the esse!*e eithe- e4-ess$y i! te-ms 1hi*h u!mist9b$y 4-#8ide tht they i!te!ded t# d#2 A$te-!te$y, m9i!" #3 time s the esse!*e esse!* e #3 *#!t-*t *#!t-*t my be i!3e--ed2 It is desi"!ed desi"!ed t# 4-#te*t 4-#te*t buye-s !d se$$e-s $i9e, si!*e i3 #!e 4-ty 3i$s t# meet ded$i!e the 1h#$e *#!t-*t *! be 8#id2 he! the 4-#mise is t# be 4e-3#-med #! *e-ti! dy, the 4-#misees duty i! su*h *se is t# 4e-3#-m the *#!t-*t du-i!" the usu$ busi!ess h#u-s #! su*h dy2 I3 the "##ds t# be de$i8e-ed -e su44$ied 3te 3te- the usu$ *$#si!" time, the buye- my -ee*t them2 he! time is esse!*e #3 the *#!t-*t, !#!%4e-3#-m!*e #3 the *#!t-*t *#!t-*t i! time time 1#u$d 1#u$d 3-ust- 3-ust-te te the 4u-4#se 4u-4#se 1hi*h 1hi*h the 4-ties 4-ties h8e h8e i! mi!d, mi!d, !d, !d, the-e3#-e, i3 i! su*h *se, the-e is de$y i! the 4e-3#-m!*e by #!e 4-ty, the #the- 4-ty hs -i"ht t# 8#id the *#!t-*t2
ALLOTEMENT OF PLOTS
A de8e$#4me!t$ uth#-ity $$#tted 4$#ts th-#u"h u*ti#! s$e2 The u*ti#! 4u-*hse- 1s "-!ted time t# m9e $te 4yme!t 1ith i!te-est2 E8e! the! he *#u$d !#t m9e it2 The 13
4yme!t mde by him 3te- the e4i-y #3 the time 1ith i!te-est 1s **e4ted by b y the uth#-ity2 The *#u-t sid tht the-e 1s deemed ete!si#! #3 time2 The *!*e$$ti#! #3 the 1h#$e thi!" 1s !#t 4-#4e-2 AGREEMENT FOR RECONVE%ANCE
Simi$-$y sti4u$ti#! i! *#!t-*t #3 s$e #3 4-#4e-ty tht the buye- 1#u$d -e *#!8ey the 4-#4e-ty t# the se$$e-, i3 the $tte$ tte- -e3u!ded the *#!side-ti#! 1ithi! sti4u$ted s ti4u$ted time, ti me, 1#u$d *#!stitute the time s*hedu$e t# be #3 the esse!*e !d the -i"ht #3 -e *#!8ey!*e 1#u$d be $#st i3 the time is missed2 COMPLETION OF TERM
A $i*e!se 1s "-!ted t# -u! te$e4h#!e b##th i! *e!t-$ bus te-mi!us2 The "-!t 1s 3#- $imited 4e-i#d2 At the time #3 the $imited 4e-i#d $$#tme!t, the $$#ttee mde !# "-ie8!*e2 O! the e4i-y #3 the te-m the *#-4#-ti#! i!8ited 3-esh bids2 The eisti!" $i*e!*ees *h$$e!"e t# this 4-#*edu-e 1s he$d t# be !#t te!b$e SALE OF S$ARES
A t-!s*ti#! 3#- s$e #3 sh-es is #3 *#mme-*i$ !tu-e2 The time #3 the *#m4$eti#! #3 the t-!s*ti#! is $i9e$y t# be ! im4#-t!t 3*t#-2 0#1e8e- the "-eeme!t 1s 3#- the s$e #3 sh-es #3 u!Gu#ted 4-i8te *#m4!ies t-di!" i! 8#$ti$e se*t#-, it 1s he$d tht i3 *#m4$eti#! dte hd bee! !med i! the "-eeme!t tht 1#u$d h8e bee! #3 the esse!*e2 The-e3#-e, s s##! s the s*heme 1s 4-e4-ed !d s# *#m4$eti#! *#u$d t9e 4$*e, it 1s #4e! t# the 4-ty t# "i8e !#ti*e t# #the- t# *#m4$ete the t-!s*ti#! s4e*i3yi!" -es#!b$e time 3#- *#m4$eti#!2 Thus, 1he-e time 1#u$d h8e bee! #3 the esse!*e i3 s4e*i3ied, the-e #!e 4-ties *! m9e time #3 the esse!*e by se-8i!" -es#!b$e !#ti*e u4#! the #the- t# *#m4$ete2
NON-COMMERCIAL MATTERS
14
“I! *ses #the- th! *#mme-*i$ *#!t-*ts the #-di!-y 4-esum4ti#! is tht time is !#t #3 the esse!*e #3 the *#!t-*ts”2 A**#-di!"$y, “I! *#!t-*ts 3#- the s$e #3 imm#8b$e 4-#4e-ty, time 1#u$d !#t be -e"-ded s #3 the esse!*e u!$ess it is sh#1! tht the 4-ties i!te!ded s#2 The im4#-t!*e #3 esse!*e #3 time i! the t-!s*ti#! #3 imm#8b$e 4-#4e-ty de4e!ds #! the i!te!ti#! #3 the 4-ties2
EXTENSION OF TIME
The *#!t-*t 1s t# 4-#8ide -i" 3#- *e-ti! 4e-i#d 1hi*h 1s t# be ete!ded i! *se #3 !y b-e9d#1! i! 1#-9i!"2 The -i" b-#9e d#1! 3#- s#me time !d, 1ith#ut t9i!" this i!t# **#u!t the #1!e- #3 the -i" 1!ted t# 1ithd-1 it #! the e4i-y #3 the 4e-i#d2 The *#u-t sid tht th#u"h the-e *!!#t be u!i$te-$ ete!si#! #3 time, i! this *se, the-e 1s the "-eeme!t tht the 4e-i#d *#u$d be ete!ded s# s t# *#8e- the b-e9d#1! 4e-i#d2 The #1!e- #3 the -i" *#u$d !#t sy tht he sh#u$d be 4e-mitted t# 1ithd-1 the -i" sube*t t# his $ibi$ity 3#- dm"es2 The m*hi!e-y i! Guesti#! 1s --e !d !#t esi$y 8i$b$e2 C#m4e!sti#! 1#u$d h8e se-8ed !# 4u-4#se2 CONSE&UENCE OF FAILURE
Se*ti#! Se*ti#! 55 3u-the- de*$-es tht “i3 it 1s !#t the i!te!ti#! i!te!ti#! #3 the 4-ties tht time sh#u$d be the esse!*e #3 the *#!t-*t, the *#!t-*t d#es !#t be*#me 8#idb$e by the 3i$u-e t# d# su*h thi!"s t #- be3#-e the s4e*i3ied time”2 It me!s tht the i!!#*e!t 4-ty 1i$$ h8e t# **e4t 4e-3#-m!*e e8e! i3 it de$yed2 0e d#es !#t h8e the -i"ht t# -ee*t2 +ut he my sue the #the- 4-ty 3#- !y $#ss *used by the de$y2 de$y2 he-e #! the #the- h!d, the time #3 4e-3#-m!*e is #3 the esse!*e #3 the *#!t-*t, !y de$y 1i$$ 1i$$ -e!de -e!de-- the the *#!t *#!t-* -*tt 8#id 8#idb b$e $e t the the #4ti #4ti#! #! #3 the the #the #the-- 4-ty 4-ty22 0e my -ee* -ee*tt the the 4e-3#-m!*e !d immedite$y sue 3#- the b-e*h2 +ut he my t his #4ti#! **e4t the de$yed 4e-3#-m!*e2I3 he d#es s# he *!!#t 3te-1#-ds 3 te-1#-ds -e*#8e- *#m4e!sti#! 3#- the de$y, de$ y, “u!$ess, t the time #3 su*h **e4t!*e he "i8es !#ti*e t# the 4-#mis#- #3 his i!te!ti#! t# d# s#”2 De$y by itse$3 d#es !#t 4ut ! e!d t# the *#!t-*t2 I! *se be3#-e the Su4-eme C#u-t ), i! bui$di!" *#!t-*t time 1s des*-ibed t# be #3 the esse!*e #3 the *#!t-*t2 The *#!t-*t#*#!t-* t#- 1s 9
0i!d *#!st-u*ti#! *#!t-*t#-s 8s2 stte #3 .h-sht-, ;())< & SCC '
15
"i8e! the 3*i$ity t# see9 ete!si#! #3 time i! d8!*e #! -es#!b$e "-#u!ds, 3i$i!" 1hi*h 4e!$ty 1s 4yb$e 3#- e*h dy #3 de3u$t2 These These sti4u$ti#!s 1e-e *#!st-ued by the *#u-t s !#t m9i!" time t# be #3 the esse!*e2 The *#!t-*t#-s 44$i*ti#! 3#- ete!si#! 1s -ee*ted !d, #! his 3i$u-e t# *#m4$ete the 1#-9s 1ithi! the s4e*i3ied time, the de4-tme!t -es*i!ded the *#!t-*t2 The -es*issi#! 1s !#t 44-#8ed by the Su4-eme C#u-t2 S#me 3u-the- 4e-i#d sh#u$d h8e bee! $$#1ed t# the *#!t-*t#- te$$i!" him tht the ete!ded time 1#u$d be #3 the esse!*e !d tht it 1#u$d !eithe- be ete!ded, !#- e*usb$e #! 4yme!t #3 3i!e2 The! #!$y it 1#u$d h8e bee! 4#ssib$e t# -es*i!d the *#!t-*t2 I! *#!t-*t 3#- s$e #3 $!d the 8e!d#- 1!ted 4yme!t t# be mde 1ithi! 1ee9, but #! the i!siste!*e #3 the 8e!dee, (' dys 4e-i#d 1s "-eed u4#! the 8e!dee #33e-ed m#!ey 3te- (' dys2 The 8e!d#- -e3used2 The *#u-t $$#1ed !# -emedy t# the 8e!dee2
CONCLUSION
16
I! this -ese-*h 4-#e*t the -ese-*h is 3#u!d tht hy4#thesis is *#--e*t2 I! $$ the *ses dis*ussed b#8e it 1s 3#u!d tht time is 8e-y im4#-t!t s4e*t i! e*h !d e8e-y 8$id *#!t-*t2 *#!t-*t2 The esse!*e #3 time is de4e!di!" de4e!di!" #! the !tu-e #3 the t-!s*ti#! t-!s*ti#! !d the situti#! situti#! !d *i-*umst!*e i! e*h *se2 The im4#-t!*e #3 the time i! the *#!t-*ts is de4e!di!" #! the i!te!ti#! #3 the 4-ties2 The 4-ties eithe- e4-ess$y #- by thei- *#!du*t *! m9e time s esse!*e #3 the *#!t-*t2 I3 the 4-ties h8e !#t e4-essed thei- i!te!ti#!, the! it de4e!ds #! the !tu-e #3 the *#!t-*t2 I3 the 4-ties h8e i!te!ti#! -e$ted t# the time, the 4-ties #3 the *#!t-*ts *!!#t de$y i! the t-!s*ti#!2 +ut i3 the 4-ties 9!#1i!"$y *#mmit mist9e the #the- 4-ties h8e -i"ht t# *$im *#m4e!ste *#m4e!ste t# the #the-s2 I3 i! the *#!t-*ts *#!t-*ts it is !#t 4#ssib$e 4#ssib$e t# 4e-3#-m 4e-3#-m the *#!t-*ts *#!t-*ts 1ithi! the 4-es*-ibed time, the #the- 4-ty must 4e-3#-m its i! -es#!b$e time2 +ut the -es#! -es#!b$e b$e time time is de4e!d de4e!d #! the e*h *ses *ses !d *i-*umst! *i-*umst!*e *e !d su--#u!d su--#u!di!" i!" #3 the *#!t-*ts2 I3 i! the te-ms !d *#!diti#! #3 the *#!t-*ts the 4-ties h8e !# i!te!ti#! tht time sh#u$d be #3 the esse!*e #3 the *#!t-*t the *#!t-*t d#es !#t be*#me 8#idb$e by the 3i$u-e t# d# su*h thi!" t #- be3#-e the s4e*i3ied time but the 4-#mise is e!tit$ed t# *#m4e!sti#! 3-#m the 4-#mis#- 3#- !y $#ss #**si#!ed t# him by su*h 3i$u-e 21he! the time is the esse!*e #3 the *#!t-*t, !#!%4e-3#-m!*e #3 the *#!t-*t i! time 1#u$d 3-ust-te the 4u-4#se 1hi*h the 4-ties h8e i! mi!d !d the-e3#-e i3 i! su*h *se , the-e is de$y i! the 4e-3#-m!*e by #!e 4-ty, the #the- 4-ty hs -i"ht t# 8#id the *#!t-*t2
he! the time is the esse!*e #3 the *#!t-*t, *#!t-*t, it is e4e*ted tht the 4-#mis#- 1#u$d 1#u$d 4e-3#-m the *#!t-*t 1ithi! the sti4u$ted time2 O! his 3i$u-e t# d# s#, the 4-#mis#- hs -i"ht t# 8#id the *#!t-*t2 The time is the 8e-y esse!ti$ i! e*h *#!t-*t it is 3#u!d 3te- the !$ysis #3 se8e-$ *se $1s2
BIBLIOGRAP$%:
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