Sasha, " It's five o'clock." is the standard answer to the English question "What time is it?" There is no need for a detailed explanation. That is simply the way we say it in English. Still, it is possible to use the expression. "There is five o'clock". 1) The expression "there is" can function to point out something that is present to our perceptions. There's five o'clock! I was waiting for the Church bell to ring five times, and now it has. In this sense it is similar to the use of вот in Russian, although in English a verb is often used with 'there". Ну, вот 5 часов, а уже темно! 2) "There is" can also be used to point out the fact or existence of something. How many o'clocks are there? There is five o'clock. There is four o'clock. There is three o'clock. etc. How many showtimes are there for today's movie? Well, there is five o'clock, there is one at three o'clock, and there is also a noon showtime.

OK you want a REAL answer to this one. The answer is: There's only ONE. When there is only one in existence we never use "there is". We use: "The ____ is...... Examples: The sun is hot. The sun moves through space. The sun is setting. The moon is bright. The moon has phases. Likewise: THE TIME You see, there is only ONE time. All expressions of time are PREDICATES of the noun "the time". The time (subject) is five o'clock (predicate). It (the time = subject) is five o'clock (predicate). So you see, the sentence structure here follows the standard rules of English grammar. If anyone needs an explanation, that's what you tell him.

Fairly simple. What is the time? The time is five o'clock (="five hours, of the clock"). It is five o'clock. To use "there is/are" you would need to count a thing called "o'clock" as well as give it a certain location. This would also imply that in other places, time does not exist. :)

Simple. We just DON"T say it. There is nothing to explain.

To say that we use 'there is' to say something exists is an oversimplification. We use 'there' with' to be' at the beginning of a sentence a) to make a statement about a situtation 'There is no way to know what will happen' b) When the subject comes after the verb. 'There is a person waiting to see you' = 'a person is waiting to see you.' But we use 'it' as the subject of a verb that describes a condition or occurence. 'It is raining.' 'It is five o'clock.'