Where no time for performance is fixed by the contract, a reasonable time is implied.83 Where a time is specified, the question arises whether it is of the essence of the contract or not. This question must be answered by the rules of construction which we have already considered.84 If time is of the essence, a failure by one party to perform within the time limited entitles the other party to be discharged from the contract, and a performance after the time fixed does not bind the other party unless he waives the breach, and thereby, in effect, makes a new contract taking the place of the old one. And even where time is not of the essence of a contract, a party failing to perform his work within the time specified is liable in damages for the delay.86

Where a particular day is fixed upon for performance, or performance is required within a certain time, the contract may be performed at any time during the day or during the last day.88