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Issue: Under Colorado law, how does a court interpret contract language that recites ‘time is of the essence’?
| Area of Law: | Business Organizations & Contracts, Litigation & Procedure |
| Keywords: | Time is of the essence; Time for performance |
| Jurisdiction: | Colorado |
| Cited Cases: | None |
| Cited Statutes: | None |
| Date: | 11/01/2014 |
When time is of the essence, time must be viewed as a vital term and performance within the time specified is essential. Ranta Constr., Inc. v. Anderson, 190 P.3d 835, 841 (Colo. Ct. App. 2008). If no specific time is set for performance, the law implies a reasonable time under the circumstances. Id. Where a time for performance was set, the rule that performance must be within a reasonable time under the circumstances does not apply.
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