In relation to agreements for property in Hong Kong, time is generally accepted as being of essence, even if it hasn’t been stated in the contract. It is easy to argue this in the situations for sales and purchases of property where the courts have determined in Wong Wai Chi Ann v Cheung Kwok Fung Wilson that the time for signing the formal agreement is of the essence unless expressly provided NOT to be of the essence.
Was the date listed for when the Formal Agreement would need to be completed by? Are you looking to enforce the contract or get out of it? PM me if you need further help in relation to land law…
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