Rhinelander Paper Co. v. Bushman

Each of the contracts contained the following clause: “It is hereby mutually agreed that time is of the essence of this contract.” It is the contention of the plaintiff that the failure of the defendants to deliver the specified amounts on the 1st day of May, 1920, as provided in the contracts constituted a breach; that there was no available market for the material called for by the contracts on or about May 1st; that the prices in the earliest available market had advanced at the time the plaintiff made its purchases so that the plaintiff was compelled to pay an amount in excess of the…