(a)  Late performance of a contract does not entitle the non-defaulting party to terminate performance of the contract because the time of performance is always treated by the courts as a warranty, rather than a condition of the contract.

(b)  Late performance of a contract entitles the non-defaulting party to terminate performance of the contract provided it can be inferred by the court that the time of performance was a condition of the contract.

(c)   Late performance always entitles the non-defaulting party to terminate performance, because the time of performance is always treated by the courts as a condition of the contract.