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If the time of performance of contract is the essence of contract and the promisor fails to perform the…

When the parties intend time to be of the essence, failure to perform by that time makes the contract, or its unperformed part, voidable at the promisee's option under…

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If the time of performance of contract is the essence of contract and the promisor fails to perform the contract by the specified time, the contract is:

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Correct answer C

When the parties intend time to be of the essence, failure to perform by that time makes the contract, or its unperformed part, voidable at the promisee's option under section 55. It is not automatically void. If time is not essential, the statutory consequence ordinarily concerns compensation for the delay rather than avoidance on that ground alone.

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