body: I was wondering about the phrase ["time is of the essence"](https://en.wikipedia.org/wiki/Time_is_of_the_essence). This compares to other time constraints such as "reasonable time" and "time at large."
  
  
  My understanding of "time is of the essence" suggests that all the deadlines set forth in the contract must be met, that ordinarily, extensions will not be allowed. Is this a correct understanding?
  
  
  Can "time is of the essence" be inferred from surrounding circumstances, even though it was not "stated" in the contract? For instance, if a "recital" to a contract said that one party needed to complete the deal by December 31, in order to obtain a tax advantage (or avoid a tax loss), would that imply "time is of the essence?
  
  
  
title: What are the different time requirements under law?