When a party to a contract fails to perform a contract within the fixed time, then:

A. Such contract remains valid provided the promise is fulfilled whether at the time of performance or later

B. Such a contract becomes void

C. Such contract becomes voidable at the option of the promise, if the intention of the parties was that time should be of essence of the contract

D. Such a contract becomes voidable at the option of the promisor or promise and the intention of the parties does not matter

Answer: Option C