Section 526
Time To Be Considered As Essence Of Contract
(1) If the 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
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shown by the parties at 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 of 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.