What is the test for time being of its essence in a commercial contract?
Ontario, Canada
The following excerpt is from Snell v. Brickles, 1913 CanLII 17 (ON CA):
In Labelle v. O’Connor (1908), 15 O.L.R. 519, it was held “that, in the absence of fraud, accident, or mistake, the provision that time should be of the essence was binding upon the plaintiff, and had not been waived by the defendants; that the latter had the right to rescind upon default in payment of the second instalment; that no formal notice of rescission was necessary; and that the plaintiff was not entitled to specific performance.”[1] There is no pretext that there was any fraud, accident, or mistake in the preparation of the contract or the insertion therein of the explicit term as to time being of its essence.
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