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

Section 55 makes the contract, or the unperformed part, voidable at the promisee’s option when time was intended to be of the essence and the promisor fails to perform on…

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

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Correct answer D

Section 55 makes the contract, or the unperformed part, voidable at the promisee’s option when time was intended to be of the essence and the promisor fails to perform on time. It does not automatically become void. Acceptance of delayed performance and notice concerning compensation are governed by the section’s later paragraphs.

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