A having contracted with B to supply B with 1000 tons of iron at 100 Rs. a ton, to be delivered at a stated time, contracts with C for the purchase of 1000 tons of iron at 80 Rs. a ton, telling C that he requires so for the purpose of performing his contract in B. C fails to perform, A will be entitled to

A having contracted with B to supply B with 1000 tons of iron at 100 Rs. a ton, to be delivered at a stated time, contracts with C for the purchase of 1000 tons of iron at 80 Rs. a ton, telling C that he requires so for the purpose of performing his contract in B. C fails to perform, A will be entitled to Correct Answer Compensation for loss of profit alongwith any damages which he might have to pay to B on account of breach

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X' agreed to supply 1000 tons of iron at Rs. 100 per ton to 'Y' to be delivered not later than 31st January, 2002. 'X' also entered into a contract with 'A' for purchase of 1000 tons of iron at Rs. 80 per ton telling 'A' clearly that the iron is needed before 31st January, 2002 for supply to 'Y' to fulfil the contract with Y. 'A' fails to supply the iron to 'X' who in tum failed to supply the same to 'Y'. In an action by 'X' against 'A'.
Under Indian Contract Act, 1872, if the time is essence of a contract and the promisor fails to perform the contract by the specified time, the contract: