PERFORMANCE OF CONTRACTS
{"Image DocumentName": "PERFORMANCE OF CONTRACTS", "Image ImageDescription": "PERFORMANCE WITHIN STIPULATED TIME. Rules. Section 55 of the Contract Act lays down certain rules ,regarding the effects of failure to perform a contract within the stipulated time. They are as follows : In contracts where time is of the essence of the contract, if there is failure to perform within the fixed time, the contract (or so much of it as remains unperformed) becomes voidable at the option of the promisee. In such cases, the promisee may accept performance after the fixed time but if he does so he cannot claim compensation unless he gives notice of his intention to claim compensation at the time of accepting the delayed performance. In contracts where time is -not of the essence of the contract, failure to perform within the, fixed time does not make the contract voidable, but the promisee is entitled to get compensation for any loss occasioned to him by such failure.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}