time

In contractual arrangements where time for completion of the contract (called time for performance) is not clearly stated, the law imputes a reasonable time. What is 'reasonable' depends on what constitutes acceptable standard of fair dealing under the circumstances while taking current commercial practice (custom) in that trade into account. See also time is of the essence.

Good jockeys will do well on good horses, but not on broken-down nags. Both Berkshire's textile business and Hochschild Kohn had able and honest people running them. The same managers employed in a business with good economic characteristics would have achieved fine records. But they were never going to make any progress while running in quicksand. I've said many times that when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

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