Explanation:
The correct answer is option B, which states that "No party or candidate is bound by the model code of conduct." This provision fails to ensure a fair and equal chance to compete for candidates and political parties.

Model Code of Conduct:
The Model Code of Conduct (MCC) is a set of guidelines issued by the Election Commission of India (ECI) for political parties and candidates to follow during elections. It aims to ensure free and fair elections by preventing malpractices, maintaining a level playing field, and promoting ethical behavior. The MCC includes guidelines on various aspects such as speeches, public meetings, processions, polling booths, and the use of government machinery.

Ensuring Fair and Equal Chance to Compete:
To ensure fair and equal chances for candidates and political parties to compete in elections, certain provisions are necessary. These provisions help maintain a level playing field and prevent the misuse of power or resources. Let's examine the other options and understand how they contribute to ensuring fairness:

a) No party or candidate can bribe or threaten voters:
This provision ensures that candidates and parties cannot indulge in corrupt practices or use coercion to influence voters. It promotes a fair electoral process where voters can freely exercise their choice without any external pressure.

c) No party or candidate can use government resources for election campaign:
This provision prevents the misuse of government resources by candidates or parties for election campaigns. It ensures that all contestants have access to resources on an equal footing and prevents the incumbent government from gaining an undue advantage.

d) Nobody can appeal to the voters in the name of caste or religion:
This provision prohibits candidates and parties from using caste or religion as a basis to seek votes. It promotes a secular and inclusive electoral process, where voters are not influenced by divisive factors but make their choices based on merit and the candidate's capabilities.

The Failure of Option B:
Option B states that "No party or candidate is bound by the model code of conduct." This means that candidates and parties are not obligated to follow the guidelines set by the Election Commission in the MCC. By not adhering to the code, political actors can engage in unethical practices, indulge in hate speech, or resort to other forms of malpractice during elections. This can create an uneven playing field, where some candidates may gain an advantage by flouting the rules, while others who adhere to ethical standards may suffer a disadvantage.

Conclusion:
While provisions a, c, and d contribute to ensuring a fair and equal chance to compete for candidates and political parties, option B fails to do so. The Model Code of Conduct plays a crucial role in maintaining the integrity of the electoral process and preventing the misuse of power. By not being bound by the code, candidates and parties can engage in unethical practices and undermine the fairness of the elections.