In Savasta v. 470 Newport Assoc. (82 NY2d 763, 623 N.E.2d 1171, 603 N.Y.S.2d 821 ), the plaintiffs had a contractual right to terminate their agreement with the defendants upon the occurrence of certain trigger events, but the agreement did not specify the time after the trigger event occurred within which the notice of termination was to be given.
The Court stated that, "when a contract does not specify time of performance, the law implies a reasonable time." Id. at 765.
The Court determined that the plaintiffs failed to act within a reasonable time, because they attempted to terminate the agreement 22 months after their right to do so was triggered, and during and following that time, the plaintiffs accepted full payment that the defendants owed them pursuant to the agreement. Id.