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A promisor must perform his obligations within the time agreed for performance. Explain the remedies available...

A promisor must perform his obligations within the time agreed for performance. Explain the remedies available to the promisee in the event the promisor fails to perform the contract within the time specified for its performance.

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Answer #1

In the event that the promisor fails to perform the contract within the time specified for its performance, the contract becomes void at the option of the promisee and the promisee is entitled to claim compensation from the promisor for any loss that has been incurred due to such failure. As time is of the essence in such a contract, the failure to deliver the promise in a time-bound manner gives the promisee to enforcement legal remedy for compensation. However, if the promisee decides to accept the performance of such promise at any time other than that agreed, then the promisee can't claim any compensation for the failure of the promisor to perform the contract with the specified time frame.

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