149 Ga. 147 | Ga. | 1919
(After stating the foregoing facts.) The contract sel out in the preceding statement is aD option; it is merely an offer to sell, as distinguished from a contract of sale. Simpson v. Sanders, 130 Ga 265, 269 (60 S. E. 541); Mallet, v. Watkins, 132 Ga. 700 (64 S. E. 999, 131 Am. St. R. 226). Cf. Allison v. Dunwody, 100 Ga. 51 (28 S. E. 651). At common law, time of performance is generally of the essence of a contract; in equity, time is not of the essence unless it is expressly or by clear implication made so. 2 Story’s Equity Jurisprudence (14th ed.), § 1064. In this State the equity rule has been adopted as a part of our statutory law. Paragraph 8 of section 4268 of the Civil Code of 1910 declares: “Time is not generally of the essence of a contract; but, by express stipulation or reasonable construction, it may become
Judgment reversed.