1. M/s Raheel & Asad (Pvt) Limited agreed to provide heavy machinery for construction of shopping plaza to be built by M/s Akram Associates. M/s Raheel & Asad failed to provide the said machinery on given time. Explain the rights of M/s Akram Associates under the provisions of the Contract Act, 1872. Consider time was the essence of the contract.
2. Following terms were agreed between Ms. Hina and Ms. Samina vide agreement dated 1st Jan 2021:

Ms. Hina to provide 500 bales of Cotton @ USD 1,000 per bale;

Due date of delivery was 15th April, 2021;

Bales will be packed in the manner customary to the business practices.

Ms. Hina cannot fulfill her obligations under the agreement and Ms. Samina has to buy the bales from market @ USD 1,500 per bale. What are the remedies available with Ms. Samina? Also consider the circumstances where Ms. Hina was informed that there would be penalty of USD 1,000 for any delay in performance of contract.