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If time is the essence of a contract and it is not performed within specified time then______
- a)The contract cannot be performed later on
- b)The promisor can compel the promisee to accept the performance later on
- c)The contract becomes voidable at the option of the promisee
- d)The contract becomes voidable at the option of the promisor
Correct answer is option 'C'. Can you explain this answer?
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If time is the essence of a contract and it is not performed within sp...
Understanding Time as the Essence of a Contract
In contracts where time is considered of the essence, the timely performance of obligations is crucial. Failure to meet the specified timeframe can lead to specific legal consequences.
Implications of Non-Performance
When a contract stipulates that time is essential, if one party fails to perform within the agreed timeframe, the following can occur:
Conclusion
In summary, when time is of the essence in a contract, failure to perform within the specified time frame gives the promisee the right to treat the contract as voidable. This option not only preserves the promisee's interests but also emphasizes the importance of timely compliance in contractual relationships. Thus, the correct answer to the question is option 'C': the contract becomes voidable at the option of the promisee.
In contracts where time is considered of the essence, the timely performance of obligations is crucial. Failure to meet the specified timeframe can lead to specific legal consequences.
Implications of Non-Performance
When a contract stipulates that time is essential, if one party fails to perform within the agreed timeframe, the following can occur:
- Contract becomes Voidable: The promisee has the right to treat the contract as voidable. This means they can choose to either affirm the contract or cancel it due to the delay. Thus, the promisee is given the option to either enforce the contract or to withdraw from it.
- Right to Claim Damages: The promisee may also seek damages for any losses incurred due to the delay. This reinforces the importance of adherence to timelines in contractual obligations.
- Not Automatically Void: It is important to note that just because the performance is late, the contract does not automatically become void. The promisee has the discretion to decide based on the circumstances.
Conclusion
In summary, when time is of the essence in a contract, failure to perform within the specified time frame gives the promisee the right to treat the contract as voidable. This option not only preserves the promisee's interests but also emphasizes the importance of timely compliance in contractual relationships. Thus, the correct answer to the question is option 'C': the contract becomes voidable at the option of the promisee.
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If time is the essence of a contract and it is not performed within sp...
Because as per indian contract act,if promisor donot perform the contract within specified time limit it can be avoided by promise and he can het compensation for this
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If time is the essence of a contract and it is not performed within specified time then______a)The contract cannot be performed later onb)The promisor can compel the promisee to accept the performance later onc)The contract becomes voidable at the option of the promiseed)The contract becomes voidable at the option of the promisorCorrect answer is option 'C'. Can you explain this answer?
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If time is the essence of a contract and it is not performed within specified time then______a)The contract cannot be performed later onb)The promisor can compel the promisee to accept the performance later onc)The contract becomes voidable at the option of the promiseed)The contract becomes voidable at the option of the promisorCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about If time is the essence of a contract and it is not performed within specified time then______a)The contract cannot be performed later onb)The promisor can compel the promisee to accept the performance later onc)The contract becomes voidable at the option of the promiseed)The contract becomes voidable at the option of the promisorCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If time is the essence of a contract and it is not performed within specified time then______a)The contract cannot be performed later onb)The promisor can compel the promisee to accept the performance later onc)The contract becomes voidable at the option of the promiseed)The contract becomes voidable at the option of the promisorCorrect answer is option 'C'. Can you explain this answer?.
If time is the essence of a contract and it is not performed within specified time then______a)The contract cannot be performed later onb)The promisor can compel the promisee to accept the performance later onc)The contract becomes voidable at the option of the promiseed)The contract becomes voidable at the option of the promisorCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about If time is the essence of a contract and it is not performed within specified time then______a)The contract cannot be performed later onb)The promisor can compel the promisee to accept the performance later onc)The contract becomes voidable at the option of the promiseed)The contract becomes voidable at the option of the promisorCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If time is the essence of a contract and it is not performed within specified time then______a)The contract cannot be performed later onb)The promisor can compel the promisee to accept the performance later onc)The contract becomes voidable at the option of the promiseed)The contract becomes voidable at the option of the promisorCorrect answer is option 'C'. Can you explain this answer?.
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If time is the essence of a contract and it is not performed within specified time then______a)The contract cannot be performed later onb)The promisor can compel the promisee to accept the performance later onc)The contract becomes voidable at the option of the promiseed)The contract becomes voidable at the option of the promisorCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for If time is the essence of a contract and it is not performed within specified time then______a)The contract cannot be performed later onb)The promisor can compel the promisee to accept the performance later onc)The contract becomes voidable at the option of the promiseed)The contract becomes voidable at the option of the promisorCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of If time is the essence of a contract and it is not performed within specified time then______a)The contract cannot be performed later onb)The promisor can compel the promisee to accept the performance later onc)The contract becomes voidable at the option of the promiseed)The contract becomes voidable at the option of the promisorCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
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