The plaintiff purchaser sought specific performance of a failed real estate transaction for commercial property.
The transaction did not close on the scheduled date because the purchaser's wire transfer arrived the following day.
The vendor refused to close, relying on the 'time is of the essence' clause.
The court exercised its equitable jurisdiction to relieve against the strict time provision, finding the vendor acted unfairly by remaining silent when the purchaser proposed a direct deposit, only to reject it shortly before the closing time.
The court ordered specific performance, concluding the property was unique to the purchaser's business needs and damages would be an inadequate remedy.
