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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