Time is of the Essence in Nevada Purchase Agreements
Most state courts, including the Nevada Supreme Court, recognize and enforce the integrity of “time is of the essence clauses.” The Nevada Supreme Court recognizes that at common law a tender of money, which a party is bound to pay at a certain time and place, must be made on the day fixed for payment, and not thereafter, and that relief against forfeiture will not be granted where time of performance is made essential by the express terms of the contract, stating, “[a] court of equity has no more right than a court of law to dispense with an express stipulation of the parties in regard to time in contracts of this nature.” In one case the Nevada Supreme Court did rescue the defaulting purchaser from the harsh forfeiture of foreclosure of the “installment purchase agreement” whereby, the installment purchaser (the equitable owner) was in default of a mere $63.75 … Read more