"Time Is of the Essence" Means That the Time Limits

question 79

True/False

"Time is of the essence" means that the time limits set by the contract must be faithfully observed or the contract is voidable by the defaulting party.

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Definitions:

George Homans

An American sociologist known for his work in developing social exchange theory, which posits that the exchange of goods, services, and social values plays a key role in the formation of social relationships.

Success-Stimulus

The principle that success in a certain activity or field encourages continued action and effort in that or similar activities.

Preferences

Individual choices or inclinations towards certain options, actions, or outcomes, often studied in psychology and economics.

Availability of Resources

The extent to which necessary or desired materials, information, support, or capital is accessible for use or consumption.