What happens if a party to a contract fails to perform at the specified time, and it was the intention of the parties that time should be of the essence of the contract?
1
The contract becomes voidable at the option of the promisor.
2
The contract becomes voidable at the option of the promisee.
3
The contract remains valid, but the promisee is entitled to compensation for any loss.
4
The contract becomes void, regardless of the intention of the parties.