Law:

Section:

(a) Contract Act (IX of 1872)--- ----S. 155---Contract---Time fixed whether essence of contract---Execution of sale-deed on or before a specified date on payment of remaining sale price--­Time fixed in such deed whether intended to be the essence of contract--­Intention of parties whether time was essence of the contract was to be ascertained from the terms of agreement itself and with reference to material brought on record in evidence---Merely because a particular date was mentioned in agreement of sale for completion of sale-deed and payment of balance amount failing which it was provided that agreement would stand cancelled and earnest money forfeited, would not be sufficient to hold that in a case of contract of sale of immovable property, time was intended to be the essence of contract unless such intention was ascertainable from the agreement itself that vendor was compelled to sell the property in order to accomplish such objects regarding which time factor was very material so far as he was concerned of which vendee had due notice---Had agreement of sale contained therein, the fact that vendor was selling property in question for raising money in order to pay the loan obtained by him from the Bank within the time schedule given by the Bank and if not paid accordingly, vendor would be adjudged a defaulter or other such like compelling circumstances, that could have been a valid basis for raising plea that tune was intended to be the essence of contract of which vendee had due notice---Nothing having been disclosed in such agreement with reference to the time which was being fixed in the agreement, time could not be deemed to be the essence of contract--­Performance of agreement from either party as regards his part could be made within reasonable time in such case. (b) Contract Act (IX of 1872)--- ----S. 55---Agreement of sale---Date mentioned in sale deed by which same was to be executed and balance amount paid, whether constituted time to be of the essence of contract---Original vendors issuing notice on 12-2-1981 to plaintiff/vendee calling upon her to get the sale decd compacted within fortnight therefrom and intimating that failing that earnest…

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