“There are traditionally four “quarter days” in a year Lady Day (25th March), Midsummer Day (24th June), Michaelmas Day (29th September) and Christmas Day (25th December). They were three months apart, on religious festivals, usually close to the solstices or equinoxes. They were the dates on which servants were hired, rents were due or leases begun, land was exchanged and debts paid. It used to be said that harvest had to be completed by Michaelmas. Michaelmas is also the time for electing magistrates and marked the beginning of legal and university terms.”
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