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Under Section 55, where time is of the essence of the contract and a party fails to perform in time, the contract becomes:
AVoidable at the defaulter's option
BVoid from the beginning
CVoidable at the option of the promisee
DValid with no remedy
Answer & Solution
Correct answer: C. Voidable at the option of the promisee
If time is essential and performance is not made in time, the contract becomes voidable at the option of the promisee.
Related questions
Under Section 45, where a promise is made to two or more promisees jointly, the right to cUnder Section 50, performance of a promise may be made in the manner or at the time which:A and B agree A will deliver goods to be paid for on delivery. A need not deliver unless BActual breach of a contract can be committed:Under Section 56, where the promisor alone knew, or with reasonable diligence should have Where a contract becomes impossible or unlawful to perform after it is made, due to an unfAn agreement to do an act impossible in itself (initial impossibility) under Section 56 isUnder Section 55, where time is NOT of the essence and performance is delayed, the promise