“Time is of the essence” is a term in British and United States contract law which indicates that the parties to the agreement must perform by the time to which the parties have agreed if a delay will cause material harm, such as the court’s interpretation in the case of Foundation Development Corp. v. Loehmann’s Inc. 788 P.2d 1189 (Ariz. 1990). In that case, a minor delay was not held to cause material harm and thus no breach of contract occurred.
