The correct answer is: C. such contract becomes voidable at the option of the promise if the intention of the parties was that time should be of essence of the contract.
A contract is a legally binding agreement between two or more parties. When a party to a contract fails to perform their obligations under the contract, this is known as a breach of contract. If the breach of contract is material, the other party may be able to terminate the contract
and sue for damages.Whether or not a breach of contract is material depends on the specific terms of the contract and the circumstances of the breach. In general, a breach of contract is considered material if it deprives the other party of the benefit they were promised under the contract.
If time is of the essence in a contract, this means that the parties have agreed that the contract must be performed on a specific date or within a specific time period. If one party fails to perform their obligations by the agreed-upon deadline, this is a material breach of contract.
The other party may then terminate the contract and sue for damages. The damages may include the cost of any losses incurred as a result of the breach, as well as any lost profits.
It is important to note that even if time is not of the essence in a contract, a breach of contract may still be considered material if it causes significant harm to the other party. In these cases, the other party may also be able to terminate the contract and sue for damages.
Here is a brief explanation of each option:
A. such contract remains valid provided the promise is fulfilled whether at the time of performance
or later. This is not always the case. If time is of the essence in a contract, a breach of contract may be considered material even if the promise is eventually fulfilled.B. such a contract becomes void. This is not always the case. If time is not of the essence in a contract, a breach of contract may not be considered material, even if the promise is not fulfilled.
C. such contract becomes voidable at the option of the promise if the intention of the parties was that time should be of essence of the contract. This is the correct answer. If time is of the essence in a contract, a breach of contract may be considered material, and the other party may be able to terminate the contract and sue for damages.
D. such a contract becomes voidable at the option of the promises or promise and the intention of the parties does not matter. This is not always the case. If time is not of the essence in a contract, a breach of contract may not be considered material, even if the promise is not fulfilled.