It Is Said That 'Time Is of Essence' When

question 33

Multiple Choice

It is said that 'time is of essence' when:

• A) the promisor refuses to fulfill the promised act in time.
• B) the delay in time taken to fulfill the act results in financial loss to the promisor.
• C) the promisee refuses to owe the promisor the value of the assignment.
• D) an event terminates an existing duty of performance.
• E) the promisee is affected by whether the promisor acts on time or not.

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Definitions:

Negative Slope

A line or curve on a graph that descends from left to right, indicating an inverse relationship between two variables.

Vertical Line

In geometry, a straight line that runs up and down the page, perpendicular to the horizon.

Slope

is a measure of the steepness or inclination of a line, calculated as the ratio of the vertical change to the horizontal change between two points on the line.

Positive

Expressing or implying affirmation, agreement, or permission; in economics, may refer to aspects such as positive externalities or positive growth rates.