Assuming that Mario had stopped work when they had completed three-quarters (.) of the work because they realized that they would lose money on the project Banksia invites tenders for builders to complete the project. The tendering process takes one month.

The successful builder, A1 Contractors, is unable to start work on Banksia’s project for a further three months because of other building works that they are involved with.

Banksia nevertheless engaged A1. As a result of the building not being completed by the original date, Banksia lost a major tenant who was going to lease an entire floor of the building at a rate of $20 per square meter above the market rate.

Advise Banksia and Mario of their legal rights. Could you please answer this question based on ILAC format ( Issue, Law, Application, and Conclusion) and Corporation Act 2001 Case Law?