Law · Legal Studies
Under Section 55 of the Indian Contract Act, 1872, what is the consequence if a party to a contract fails to perform at the specified time, and it was the intention of the parties that time should be of the essence of the contract?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The contract automatically becomes void, regardless of the intention of the parties
- 2The contract remains valid, but the promisee is only entitled to compensation for any loss
- 3The contract becomes voidable at the option of the promisee✓
- 4The contract becomes voidable at the option of the promisor
Correct answer
The contract becomes voidable at the option of the promisee
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