Legal Definition of Time of the essence:  Means that the performance of a term or condition of the contract in the time period specified is important, and that the failure to perform on time will lead to a breach of the contract | Unlock the key to contract success with a legal definition of Time of the Essence. Discover why meeting deadlines is crucial and how it can protect your business interests. Explore real-life examples and the significance of this provision in contracts. Don’t miss out, click here to learn more!