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

Under the first paragraph of s.55 ICA, where time is of the essence and the promisor fails to perform by the fixed time, "the contract becomes voidable at the instance of…

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

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Correct answer C

Under the first paragraph of s.55 ICA, where time is of the essence and the promisor fails to perform by the fixed time, "the contract becomes voidable at the instance of the promisee"; it is neither void nor unenforceable.

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