Legal Question in Business Law in Australia
What is the meaning of''must' in a contract
A contract states that one party of the contract will perform a duty, once completed the second party to the contract ''must'' perform a duty, if the second party fail do do so as specified (by a particular time )can the first party claim the contract to be broken?
In this case what determines ''time is of the essence''? can it be implied?
1 Answer from Attorneys
Re: What is the meaning of''must' in a contract
"Must" is generally considered as indicating a mandatory obligation.
'Time of the essence' will generally not be implied into a contract.
Written notice should be given to the defaulting party requiring that party to perform within a specified 'reasonable time'.
What a is reasonable time will depend on the circumstances of the contract and what has to be performed.
Non performance of a contractual obligation is likely to be an actionable breach of contract.
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