Section 526: Time to be considered as essence of contract

1) If the purpose or objective of a contract cannot be achieved, in case of non-performance of the contract within a particular day, time, or period, having regard to the nature of the contract or intention shown by the parties at the time of its conclusion, the time for the performance of such a contract shall be considered to be the essence of the contract.

2) If either party to a contract does not perform the contract under sub-section (1) within such a day, time, or period, such a contract shall be deemed to have been breached, and the other party may rescind the contract immediately.