Reasonable time
Barron's Business Dictionary:
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Reasonable time
A subjective standard based on the facts and circumstances within a particular case, with applicability in a variety of contexts. Within commercial law, the term applies to the amount of time in which to accept an offer , to inspect goods prior to payment or acceptance, or to await performance by a party who repudiates a contract, or the time in which a seller may substitute conforming goods for goods rejected by a buyer as nonconforming.
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Barron's Law Dictionary:
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Reasonable time
A subjective standard based on the facts and circumstances within a particular case, with applicability in a variety of contexts.
Within commercial law, the term applies to the amount of time in which to accept an offer , 471 P. 2d 647, 648, to inspect goods prior to payment or acceptance, U.C.C. §2-513(1), 148 N.W. 2d 385, 389; to await performance by a party who repudiates a contract, U.C.C. §2-610(a); or the time in which a seller may substitute conforming goods for goods rejected by a buyer as non-conforming, U.C.C.
§2-508(2). If not governed by statute, the term may also refer to the time allowed to set aside a default judgment, 400 P. 2d 345, 347, to inform an insurance company of an accident, 223 F. Supp. 953, 956, to file certain claims, 430 S.W. 2d 340, 341, and to make various motions. Compare time is of the essence.
Within commercial law, the term applies to the amount of time in which to accept an offer , 471 P. 2d 647, 648, to inspect goods prior to payment or acceptance, U.C.C. §2-513(1), 148 N.W. 2d 385, 389; to await performance by a party who repudiates a contract, U.C.C. §2-610(a); or the time in which a seller may substitute conforming goods for goods rejected by a buyer as non-conforming, U.C.C.
§2-508(2). If not governed by statute, the term may also refer to the time allowed to set aside a default judgment, 400 P. 2d 345, 347, to inform an insurance company of an accident, 223 F. Supp. 953, 956, to file certain claims, 430 S.W. 2d 340, 341, and to make various motions. Compare time is of the essence.
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Reasonable time
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This article includes a list of references, related reading or external links, but its sources remain unclear because it lacks inline citations. Please improve this article by introducing more precise citations. (March 2010) |
Reasonable time is that amount of time which is fairly necessary, conveniently, to do whatever is required to be done, as soon as circumstances permit.
This phrase is a U.S. legal term that has been a topic of controversy for many years. It is generally used in reference to performing an action or remitting payment, but this is a very vague term that causes litigation problems in many court cases.
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