Sun Bank of Miami v. Lester

404 So.2d 141 (1981)

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Sun Bank of Miami v. Lester

Florida Court of Appeal
404 So.2d 141 (1981)

  • Written by Kheana Pollard, JD

Facts

Lester (plaintiff) entered into a contract with Sun Bank of Miami (Sun Bank) (defendant) for the purchase of property. The contract stated that a deposit would be due on May 1, 1979, and included a provision stating that time was of the essence. Lester did not pay the deposit by the deadline. Lester attempted to send the deposit on May 3, 1979, but Sun Bank did not accept the deposit. Lester brought suit against Sun Bank for specific performance. The lower court found in favor of Lester, and Sun Bank appealed.

Rule of Law

Issue

Holding and Reasoning (Barkdull, J.)

Dissent (Ferguson, J.)

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Casebooks

Contracts

Key Terms

  • Time is of the essenceA term in a contract indicating that completion of performance is an important element of the performance under the contract. The term is often included in a contract to indicate that failure to timely complete performance will be considered breach of the contract.

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