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Under Section 55, where time is NOT of the essence and performance is delayed, the promisee:
ACannot avoid the contract but may claim compensation for the loss caused by delay
BMust accept performance without any remedy
CLoses all remedies
DMay avoid the contract
Answer & Solution
Correct answer: A. Cannot avoid the contract but may claim compensation for the loss caused by delay
When time is not essential, late performance does not make the contract voidable, but the promisee may claim compensation for any loss caused by the delay.
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