This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
An acceptance which attempts to change the place of payment is invalid,1 as where the offer implies a payment to the vendor at his residence and the acceptance fixes the place of payment at the residence of the vendee,2 or at a designated bank,3 or where the land is situated,4 or an acceptance which attempts to change the time and place of the delivery of a deed,5 or where the vendee by acceptance attempts to change the delivery of the deed to a delivery in escrow to a person designated by vendee, to whom he offers to pay the purchase money;6 an acceptance changing the time and terms of payment,7 or the time for which the contract is to run,8 or the time of performance,9 does not constitute a contract. If the offer of sale does not state the terms of payment, cash payment is implied. Hence, an acceptance which attempts to secure even a short period of credit does not make a contract,10 such as an acceptance which provides, "will * * * settle promptly."11 An offer to sell old steel rails, to be paid for in cash on presentation of a bill of exchange with a bill of lading attached, which is accepted with the provisions that the rails must not be taken from sidings and that the drafts will not be paid until the cars arrive, does not make a contract.12 If A asks B for quotation of prices B replies quoting prices, and A orders B to ship a certain amount of goods which are described specifically, to which B replies by asking A for satisfactory references to commercial agencies or else a payment of half the price in advance, the other half to be paid on presentation of a sight draft with bill of lading, no complete contract exists. If A's order made a contract B's demand for references or a cash payment showed B's intention not to perform without such assurance, and B can not complain if A refuses to accept or pay for the goods thus ordered.13
5 Watters v. Hedgpeth, 172 N. Car. 310, 90 S. E. 314.
6 Kennedy v. Gramling, 33 S. Car. 367, 26 Am. St. Rep. 676, 11 S. E. 1081.
7 Babcock v. Ormsby, 18 S. D. 358, 100 N. W. 759.
8 Middaugh v. Stough, 161 111. 312, 43 N. E. 1061.
9 Jones v. Daniel (1894), 2 Ch. 332.
10 Connor v. Buhl, 115 Mich. 531, 73 N. W. 821.
11 Shores Lumber Co. v. Patterson, 98 Wis. 534, 74 N. W. 367.
1 Greenawalt v. Este, 40 Kan. 418, 19
Ac. 803; Rahm v. Cummings, 131 Minn. 141, 155 N. W. 201.
2 Neer v. Lang, 252 Fed. 575; Robinson v. Weller, 81 Ga. 704, 8 S. E. 447; Hall v. Jones, 164 N. Car. 199, 80 S. E. 228.
3 Sawyer v. Brossart, 67 la. 678, 56 Am. Rep. 371, 25 N. W. 876 (vendor in California; bank in Iowa).
4 Gilbert v. Baxter, 71 Ia. 327, 32 N. W. 364 (vendor in New York; land in Iowa); Baker v. Holt, 56 Wis. 100, 14 N. W. 8.
5 Northwestern, etc., Co. v. Meade, 21 Wis. 474, 94 Am. Dec. 557.