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.
If a certain time is fixed within which performance may be made, the party owing performance has the entire time thus fixed, within which to perform. Thus under an option to be exercised within a certain time, by which the vendor is required to convey land on seven days' notice, such notice may be given at any time before the expiration of the option, irrespective of whether the period of seven days will end after such time or not.1 If A agrees to secure a certain bid for B's stock within. a year, A has the whole of such year, and an offer mailed so as to reach B on the last day of such year is held to be sufficient.2 So a contract of subscription conditioned on raising a certain sum by a certain day is binding if the sum is raised at a meeting held on the night of such day.3 So a contract to complete a boat by a certain time is not broken until such time has elapsed.4 So a contract to remove timber in certain designated years gives the whole of such years in which to remove it.5 Performance of a contract to sell land during A's life-time cannot be compelled in any shorter time.6 So in a contract of sale, if the vendor has the whole of a season in which to deliver, the vendee cannot fix a time within the season for delivery.7 If a son agrees to pay interest to his father during the latter's life, on an amount advanced, and to settle with the father's estate, such amount, even if a debt, is not due before the father's death.8
20 pistel v. Ins. Co., 88 Md. 552; 43 L. R. A. 219; 42 Atl. 210.
21 Flather v. Machine Co., 71 N. H. 398; 52 Atl. 454.
1 Guyer v. Warren, 175 111. 328; 51 N. E. 580.
2 Duchemin v. Kendall, 149 Mass. 171; 3 L. R. A. 784; 21 N. E. 242.
3 Elizabeth City Cotton Mills v.
Dunstan, 121 N. C. 12; 61 Am. St. Rep. 654; 27 S. E. 1001.
4 Vandegrift v. Engineering Co., 161 N. Y. 435; 55 N. E. 941; 48 L. R. A. 685.
5 Larson v. Cook, 85 Wis. 564; 55 N. W. 703.
6 Michael v. Foil, 100 N. C. 178; 6 Am. St. Rep. 577; 6 S. E. 264.
7 Dingley v. Oler, 117 U. S. 490.