 Secondly, as in all cases of breach, the innocent party is entitled to contractual damages for any loss sustained as a result of the "mora", irrespective of whether he can or does rescind the contract.Thirdly, the creditor may cancel the contract if ‘time was of the essence of the contract, or was made so by a notice of rescission’.Time is of the essence when the parties expressly or impliedly agreed that default of performance by the day fixed would entitle the other party to cancel the contract.