The appellants appealed a summary judgment dismissing their action against the respondent builder.
The appellants had purchased a newly built home but failed to transfer the closing funds until 9 minutes past the 5:00 p.m. deadline on the extended closing date.
The respondent terminated the agreement relying on a 'time is of the essence' clause, but subsequently offered to revive the agreement for an additional $113,000, which the appellants paid.
The Court of Appeal dismissed the appeal, upholding the motion judge's findings that the 5:00 p.m. deadline was unambiguous, the termination was not unconscionable, the revival fee was part of a new contract rather than an impermissible penalty, and the appellants did not act under economic duress.