| DATE: |
04/26/01 |
|||
|---|---|---|---|---|
| SUBJECT/TOPIC: |
AUCTIONS | |||
| Q: | I have a question about the specific performance
case I have. Time has not made of the essence of
the contract. However, it was an auction contract
calling for the closing to occur within 30 days. It is
my position that when the closing date was
rescheduled (putting it outside the 30 day limit
required by the contract) the sellers waived that
requirement. Since time was not of the essence of
the contract we should close at a "reasonable"
time. Would the fact that my contract was an
auction contract automatically make time of the
essence? I don't think it would. The attorney
for the defendants/sellers seem to think it does. I
have found no authority that would refute my
position. |
|||
| A: | I agree with you. I am not aware of anything that
would keep the general rule you cite from applying
to auction contracts. |
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