Katie enters a contract with Handy Contractors, Inc. to install new cabinets and

Question

Katie enters a contract with Handy Contractors, Inc. to install new cabinets and counter tops in her kitchen. Handy Contractors agrees to do the installation work by October 19, in exchange for payment of $5000 from Katie. Katie inserts the phrase “time is of the essence” into the contract, because she is expecting company at the end of October. Which of the following is true with regard to this scenario?

Performance must be rendered within a reasonable time.

Specifying the date in a contract renders the contract quasi–contractual.

Performance on the exact date is deemed vital.

Specifying the date in a contract renders the contract unenforceable.   

Explanation / Answer

"Performance on the exact date is deemed vital" is true as the contract must be performed before the agreed date or it will be considered as breach of contract.

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