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Under the Indian Contract Act, 1872, if the time is of the essence of a contract and the promisor fails…

When time is intended to be of the essence, section 55 makes the contract, or the unperformed part, voidable at the promisee’s option if performance is late. It is not…

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Under the Indian Contract Act, 1872, if the time is of the essence of a contract and the promisor fails to perform the contract by the specified time, the contract:

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Correct answer C

When time is intended to be of the essence, section 55 makes the contract, or the unperformed part, voidable at the promisee’s option if performance is late. It is not automatically void. If time is not essential, late performance instead ordinarily entitles the promisee to compensation; acceptance of late performance also affects the right to compensation under the section.

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