Tag (SQ): Time Essence

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BCL – L1 – SA – Q57 – Contract Law

Effect of failing to perform a contract on time in commercial transactions.

In commercial transactions, time is considered to be of the essence of contract, and if the party fails to perform the contract within specified time, the contract becomes.

A   Voidable at the option of the other party

B   Void and cannot be enforced

C   Illegal for noncompliance of legal terms

D   Enforceable in higher court only

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