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1The Contract Act, 1872

( ACT NO. IX OF 1872 )

[ 25th April, 1872 ]

Chapter IV

OF THE PERFORMANCE OF CONTRACTS

Performance of Reciprocal Promises

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 a 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.
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    Throughout this Act, except otherwise provided, the words "Bangladesh", "Taka" and "Penal Code" were substituted, for the words "Pakistan" or "East Pakistan", "Rupees" or "Rs." and "Pakistan Penal Code" respectively by section 3 and 2nd Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of 1973).
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