A clause in a contract that states a specific time period and deadline for the parties to bringing legal action or file for arbitration. After the time period lapses, the parties are barred from bringing suit in a court of law or filing for arbitration. … [Read more...] about TIME BAR CLAUSE
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TIME BARRED
Barred by the statute of limitations or as the result of the passage of time. … [Read more...] about TIME BARRED
TIME IS OF THE ESSENCE
Provision of a contract expressing the need for a timely completion. a term where one party to a contract needs to carry out his obligation in a set period of time so the other party can carry out their obligations of the contract. … [Read more...] about TIME IS OF THE ESSENCE
TIME OF MEMORY
According to the English common law, which has been altered by 2 & 3 Wm. IV., c. 71, the time of memory commenced from the reign of Richard the First, A. D. 1189. 2 Bl. Com. 31. 2. But proof of a regular usage for twenty years, not explained or contradicted, is evidence upon which many public and private rights are held, and sufficient for a jury in finding the existence of … [Read more...] about TIME OF MEMORY
TIGHT
As colloquially applied to a note, bond, mortgage, lease, etc, this term signifles that the clauses providing the creditor's remedy in case of default (as, by foreclosure, execution, distress, etc.) are summary and stringent … [Read more...] about TIGHT