A Time of the Essence Clause Simply Means That the Parties

question 31

True/False

A time of the essence clause simply means that the parties included in their contract a date for performance.

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Definitions:

Corporate Secretary

A corporate secretary is an officer of a company responsible for ensuring compliance with statutory and regulatory requirements and implementing decisions made by the board of directors.

Revised Act

Legislation that has been amended or updated from its original version.

Material Violation

A substantial breach of a contract or agreement that significantly undermines the contract's purpose or damages the interests of one of the parties involved.

Material Breach

a significant violation of a contractual agreement that permits the other party to the contract to demand remediation or terminate the agreement.