Kitten Inc was contractually obliged to pay $5000 to Mavitten Ltd on June 1, but failed to do so. It is now June 3. Assuming that general contractual rules apply, which of the following statements is TRUE?

Question 5 options:

1.Kitten has committed a serious breach of contract because time is of the essence.

2.Mavitten is entitled to discharge the contract for breach.

3.Mavitten cannot discharge the contract for late payment unless it reasonably notified Kitten of a specifictime of payment as a contractual condition.