Rabbi Max Sutton, Rosh Bet Din Aram Soba in Jerusalem, published an article, “Time is Money,” in the February 2010 issue of Community. Using cases that have come before the bet din, the article discusses the halachot of contract performance, the duty to inspect merchandise, and the timeliness of objections to incomplete performance.
Rabbi Sutton writes:
In the world of business, the element of time plays a crucial role. Generally, two parties engaged in a business deal specify the time period allowed for performance. Even when no definite time period is stipulated, an agreement can be terminated after a reasonable amount of time due to non-performance. What constitutes a reasonable amount of time depends on the circumstances and nature of the agreement. Time limitations also apply to buyers seeking to return merchandise after discovering a defect. The following cases and their verdicts display the ability of Torah Law to resolve complex time-related situations accurately and fairly.