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Essence in consummating

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Sam signs a contract to purchase a home from Ben. The parties to the contract included the selling price and the closing date. Sam regarded a timely sale as important, and Ben agreed to a clause stating, "Sam Smith considers that time is of the essence in consummating the proposed transaction." Unfortunately, Ben was unable to close on the date specified and asked Sam for an extension. Sam refused and purchased a home from Mary Sue.

Issue: If Ben sues Sam for breach of contract, will Ben prevail since the contract had a "time is of the essence" clause in it? 

Can you help me figure out what the rule in this Irac is because i cant seem to know how to figure it out?

Reference no: EM131929705

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