Gonis v. New York Life Insurance

On appeal two issues are raised by the appellant. The first is whether time is of the essence, and the second is whether respondent failed to perform conditions precedent to the arising of appellant’s obligations under the commitment.

Time of the essence?

The basic dispute between the parties here is whether or not time was of the essence as to the loan being made on or before the closing date of April 15th in the commitment. In determining such issue, the court is to look both to the terms of the contract and to the acts of the parties.

As to the terms of the contract or commitment, while time…