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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 55: Contract Voidable if Essential Deadlines Missed; Compensation Possible for Non-Essential Delays Without Notice.</h1> Section 55 of the Indian Contract Act, 1872 addresses the consequences of failing to perform contractual obligations within a specified time. If time is deemed essential, the contract becomes voidable at the promisee's option if the promisor fails to perform on time. If time is not essential, the contract remains valid, but the promisee can claim compensation for any resulting loss. If the promisee accepts late performance without notifying the promisor of an intention to seek compensation, they cannot later claim for losses due to the delay.
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