HomeSSCIn commercial transactions, time is considered to be of the essence of contract, and if the party fails to perform the contract within specified time, the contract becomes 63. In commercial transactions, time is considered to be of the essence of contract, and if the party fails to perform the contract within specified time, the contract becomesBy Admin / October 4, 2025 A. Voidable at the option of the other party B. Void and cannot be enforced C. Illegal for non compliance of legal terms D. Enforceable in higher court only ✅ The correct answer is option A.