law: Indian Contract Act, 1872 
  55. Effect of failure to 
  
  perform at fixed time, in contract in which time is essential 
  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 time and fails to do such thing at or 
  
  before a specified time, and fails to do such thing at or before a 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 essence of the contract.
  Effect of such 
  
  failure when time is not essential:  
  
  If it was not the intention of the parties that time should be of the essence of 
  
  the contract, the contract does not become voidable by the failure to do such 
  
  thing at or before the specified time; but the promisee is entitled to 
  
  compensation from the promisor for any loss occasioned to him by such failure.
  Effect of 
  
  acceptance of performance at lime other than that agreed upon :
  If, in case of 
  
  a contract voidable on account of the promisor's failure to perform his promise 
  
  at the time agreed, the promisee accepts performance of such promise at any time 
  
  other than that agreed, the promisee cannot claim compensation of any loss 
  
  occasioned by the non-performance of the promise at the time agreed, unless, at 
  
  the time of acceptance, he gives notice to the promisor of his intention to do 
  
  so.