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Section 526
Time considered to be of the essence of the contract

(1) If the contract is not fulfilled within a certain day, time or period, the nature of the contract, the intention shown by the parties to the contract at the time of making the contract, the purpose or objective of the contract cannot be achieved, the time to comply with such contract shall be considered as the essence of the contract.
(2) If the agreement under sub-section (1) is not complied with by one of the parties within such day, time or period, such agreement shall be deemed to have been violated and the other party may cancel it immediately.