In a real estate contract where time is not expressly stated to be of the essence, and a party cannot close on the specified date, will a rescission likely succeed?

• A. Yes, because time is of the essence in real estate contracts.
• B. No, because time is not of the essence unless stated or implied.
• C. Yes, because the other party failed to close.
• D. No, because the party was ready to perform on the date.

Answer: (B)