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In commercial transactions, time is considered to be of the essence of the 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 non-compliance of legal terms
- d)enforceable in higher court only.
Correct answer is option 'A'. Can you explain this answer?
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In commercial transactions, time is considered to be of the essence of...
The Contract Becomes:
- Voidable at the option of the other party: When a party fails to perform a contract within the specified time, the contract becomes voidable. This means that the other party has the option to either enforce the contract or terminate it.
- Void and cannot be enforced: This option is not correct. The contract does not become void and unenforceable simply due to a failure to perform within the specified time.
- Illegal for non-compliance of legal terms: This option is also not correct. Non-compliance with the specified time does not make the contract illegal, but rather gives the other party the option to enforce or terminate the contract.
- Enforceable in higher court only: This option is not correct. The enforceability of the contract does not depend on the court level, but rather on the choice of the other party to enforce or terminate the contract.
Therefore, the correct answer is A: Voidable at the option of the other party.
- Voidable at the option of the other party: When a party fails to perform a contract within the specified time, the contract becomes voidable. This means that the other party has the option to either enforce the contract or terminate it.
- Void and cannot be enforced: This option is not correct. The contract does not become void and unenforceable simply due to a failure to perform within the specified time.
- Illegal for non-compliance of legal terms: This option is also not correct. Non-compliance with the specified time does not make the contract illegal, but rather gives the other party the option to enforce or terminate the contract.
- Enforceable in higher court only: This option is not correct. The enforceability of the contract does not depend on the court level, but rather on the choice of the other party to enforce or terminate the contract.
Therefore, the correct answer is A: Voidable at the option of the other party.
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In commercial transactions, time is considered to be of the essence of the contract, and if the party fails to perform the contract within specified time, the contract becomes:a)voidable at the option of the other partyb)void and cannot be enforcedc)illegal for non-compliance of legal termsd)enforceable in higher court only.Correct answer is option 'A'. Can you explain this answer?
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In commercial transactions, time is considered to be of the essence of the contract, and if the party fails to perform the contract within specified time, the contract becomes:a)voidable at the option of the other partyb)void and cannot be enforcedc)illegal for non-compliance of legal termsd)enforceable in higher court only.Correct answer is option 'A'. 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 In commercial transactions, time is considered to be of the essence of the contract, and if the party fails to perform the contract within specified time, the contract becomes:a)voidable at the option of the other partyb)void and cannot be enforcedc)illegal for non-compliance of legal termsd)enforceable in higher court only.Correct answer is option 'A'. 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 In commercial transactions, time is considered to be of the essence of the contract, and if the party fails to perform the contract within specified time, the contract becomes:a)voidable at the option of the other partyb)void and cannot be enforcedc)illegal for non-compliance of legal termsd)enforceable in higher court only.Correct answer is option 'A'. Can you explain this answer?.
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