Henry Cotton Mills v. Shoenig & Co.

(After stating the foregoing facts.)

“Time is not generally of the essence of a contract; but, by express stipulation or reasonable construction, it may become so.” Civil Code (1910), § 4268 (8). It “is of the essence of a contract when the parties have expressly so treated it, or when it is necessarily so from the nature and circumstances of the contract.” Sneed v. Wiggins, 3 Ga. 94, 99, 100. “As a general rule a time fixed by a contract within which an option may be exercised is to be regarded as of the essence.” “Where the subject-matter of the contract is of speculative or fluctuating…