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Section 55 - Effect of failure to perform at fixed time, in contract in which time is essential : Indian Contract Act 1872

 

What is the Effect of failure to perform at fixed time, in contract in which time is essential? Section 55 of Indian Contract Act 1872

Section 55 of Indian Contract Act 1872 : "Effect of failure to perform at fixed time, in contract in which time is essential"

55. When a party to a contract promises to do a certain thing at or before a specified time, or certain things at or before specified times, and fails to do any such thing at or before the specified time, the contract, or so much of it as has not been performed, becomes voidable at the option of the promisee, if the intention of the parties was that time should be of the essence of the contract.

Effect of such failure when time is not essential.-If it was not the intention of the parties that time should be of the essence of the contract, the contract does not become voidable by the failure to do such thing at or before the specified time; but the promisee is entitled to compensation from the promiser for any loss occasioned to him by such failure.

Effect of acceptance of performance at time other than that agreed upon.-If, in case of a contract voidable on account of the promiser's failure to perform his promise at the time agreed, the promisee accepts performance of such promise at any time other than that agreed, the promisee cannot claim compensation for any loss occasioned by the non-performance of the promise at the time agreed, unless, at the time of such acceptance he gives notice to the promiser of his intention to do so

 

INDIAN CONTRACT ACT 1872

Section 41 - Effect of accepting performance from third person

Section 42 - Devolution of joint liabilities

Section 43 - Any one of joint promisers may be compelled to perform

Section 44 - Effect of release of one joint promiser

Section 45 - Devaluation of joint rights

 

 

Time and place for performance

Section 46 - Time for performance of promise, where no application is to be made and no time is specified

Section 47 - Time and place for performance of promise, where time is specified and no application to be made

Section 48 - Application for performance on certain day to be at proper time and place

Section 49 - Place for performance of promise, where no application to be made and no place fixed for performance

Section 50 - Performance in manner or at time prescribed or sanctioned by promisee

 

 

Performance of reciprocal promises

Section 51 - Promiser not bound to perform, unless reciprocal promisee ready and willing to perform

Section 52 - Order of performance of reciprocal promises

Section 53 - Liability of party preventing event on which the contract is to take effect

Section 54 - Effect of default as to that promise which should be first performed, in contract consisting of reciprocal promises

Section 55 - Effect of failure to perform at fixed time, in contract in which time is essential

 

 

Section 56 - Agreement to do impossible act

Section 57 - Reciprocal promise to do things legal, and also other things illegal

Section 58 - Alternative promise, one branch being illegal

Appropriation of payments

Section 59 - Application of payment where debt to be discharged is indicated

Section 60 - Application of payment where debt to be discharged is not indicated

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