On the other hand, neither party should be allowed to escape its obligations where the essence of the contract is still capable of performance.
2.
The essence of the contract by a warehouseman is that he will store the goods in the contractual place and deliver them on demand to the bailor or his order.
3.
Where time of performance is of the essence of the contract, a party who does any act inconsistent with the supposition that he continues to hold the other party to his part of the agreement will be taken to have waived it altogether.
4.
Even in the absence of such a clause, however, the circumstances often show that the parties regard the time for performance as being of the essence of the contract : for example, where they use precise language in fixing the time, or deliberately alter the date fixed in the original draft of the contract.
5.
Friends of QB Kordell Stewart say he has been told that he goes to Steelers camp as the No . 1 guy . . . . Former Cowboys safety Brock Marion is willing to add insurance provisions against his questionable shoulder to his disputed Baltimore contract, but is unwilling to alter the essence of the contract itself.
6.
Thirdly, the creditor may cancel the contract if time was of the essence of the contract, or was made so by a notice of rescission . Time is of the essence when the parties expressly or impliedly agreed that default of performance by the day fixed would entitle the other party to cancel the contract.
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