In any given transaction, time, as a general rule,
is of the essence unless otherwise excluded by law, nature of the transaction
or by the parties thereto. Time stipulation in transactions is not only
important in ensuring prompt performance of obligations but also relevant in
terms of timely enforcement of rights that may arise thereunder. While time of
performance often times, is expressly stipulated by parties, the period for the
enforcement of rights arising thereunder is normally p...