Question $43(2$ points$)$

Billy$-$Ray$-$Joe$-$Bob bought an insurance contract from Missori Farm Co$.$ The policy contained a clause stating that all claims for losses had to be reported within $45$ days after the date of the loss or the claim would be barred. Time is stated to be of the essence. Billy$-$Ray$-$Joe$-$Bob sustained a covered farm loss, but did not report it to Missouri Farm co$.$ until $50$ days later. Missouri Farm denied coverage for the claim. If Billy$-$Ray$-$Joe$-$Bob sues, who wins?

Missouri Farm wins; there was failure of a condition subsequent.

Billy$-$Ray$-$Joe$-$Bob wins; the contract was substantially performed.

Missouri Farm wins; the impossibility doctrine applies.

Billy$-$Ray$-$Joe$-$Bob wins; courts will not enforce a time$-$of$-$the$-$essence clause.