On January 4, General Contractors, Inc., entered into a contract with Julius and Penelope Jones to construct a house fit for occupancy by June 1. What is the legal consequence if General Contractors...

On January 4, General Contractors, Inc., entered into a contract with Julius and Penelope Jones to construct a house fit for occupancy by June 1. What is the legal consequence if General Contractors fails to complete the house by June 1 but does finish it by June 20? What would be the consequence if the contract stated that with regard to the June 1 deadline, “time is of the essence”? Suppose further that by May 10, no work had yet been started by General Contractors. When Julius contacts him, General Contractors’ president states that due to other projects still pending, he is unable to build the house until late November. What legal recourse, if any, do Julius and Penelope have against General Contractors?