Multiple choice

If the time of performance of contract is the essence of contract and the promisor fails to perform the contract by the specified time, the contract is

  1. void

  2. valid

  3. voidable at the option of the promise

  4. infructuous
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

When time is of the essence of a contract and the promisor fails to perform by the specified time, the promisee has the right to treat the contract as void. The contract becomes voidable at the option of the promisee (the injured party), who may choose to rescind it or seek performance. This principle protects parties where timely performance was a fundamental condition of the agreement.

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