time

The measure of duration. The word is expressive both of a precise point or terminus and of an interval between two points. A point in or space of duration at or during which some fact is alleged to have been committed.

See also computation of time; Enlargement of time. Cooling time.

See cooling off period.

- reasonable time

@ time-bargain

@ time bargain

In the language of the stock exchange, an agreement to buy or sell stock at a future time, or within a fixed tune, at a certain price. It is in reality nothing more than a bargain to pay differences

@ time bill

A bill of exchange which contains a definite or determinable date for payment in contrast to a demand or sight bill.

@ time credit

A letter of credit that is duly honored by the issuer accepting drafts drawn thereunder. Essentially synonymous with "usance credit" and "acceptance credit."

@ time deposit

Another term for a savings account or certificate of deposit in a commercial bank. It is so called because in theory (though no longer in practice) a person must wait a certain amount of time after notice of desire to withdraw part or all of his or her savings. Certificates of deposit usually carry penalties for early withdrawal. Cash in a bank earning interest; contrast with demand deposit.

See deposit

+ time deposit

Deposit which is subject to notice (e.g. thirty days) before withdrawal

Bank deposit which is to remain for specified period of time, or on which notice must be given to bank before withdrawal

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- time draft

@ time immemorial

Time whereof the memory of a man is not to the contrary

@ time is the essence of contract

Means that performance by one party at time or within period specified in contract is essential to enable him to require performance by other party. Hayes Mfg. Corporation v. McCauley, C.C.A.Ohio, 140 F.2d 187,189.

When this phrase is in a contract, it means that a failure to do what is required by the time specified is a breach of the contract

@ time of memory

In English law, time commencing from the beginning of the reign of Richard I. 2 Bl. Comm. 31. Lord Coke defines time of memory to be "when no man alive hath had any proof to the contrary, nor hath any conusance to the contrary."

@ time order

An order which becomes a market or limited price order at a specified time

@ time out of memory

Time beyond memory; time out of mind; time to which memory does not extend

@ time-policy

A policy of marine insurance in which the risk is limited, not to a given voyage, but to a certain fixed term or period of time

@ time value

The price associated with the length of time an investor must wait until an investment matures or the related income is earned.

See also yield (yield to maturity)

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