When time is the essence of a contract
- The contract is voidable at the option of the promisee
- If the promisee accepts the performance beyond the specified time, he cannot claim compensation for non-performance unless he had given a notice for compensation at the time of acceptance
When time is not the essence of a contract
- The contract is not voidable
- The promisee is entitled to claim compensation for any loss suffered by him due to delayed performance.