If no time is specified for performance, what term describes the implied period?

• A. Lapse of Time
• B. Revocation
• C. Time for performance
• D. Acceptance

Answer: (C)

When a contract doesn’t specify a time for performance, the parties are generally expected to complete their obligations within a reasonable period. The term that describes that implied period is the time for performance. This reflects the idea that performance should occur promptly and within a timeframe appropriate to the contract’s nature, subject matter, and the usual business practices.

Lapse of time would refer to a deadline that closes a right or option after a set period. Revocation is the act of withdrawing an offer, and acceptance is the offeree’s agreement to the terms; neither describes the period for performance when no time is stated.