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.
After tender is duly made it must, to preserve its legal effect, be kept good ;1 that is, the person making the tender must keep enough money on hand after the date of the tender to make the payment if called upon ;2 and he must not make profit of it.3 It is not necessary, however, that the identical money tendered should be kept on hand continuously.4 Under the practice in force in most jurisdictions tender must be pleaded as a defense,8 and the money paid into court ;6 and so in equity,7 if it is desired to save interest and costs. Hence a pleading of tender that does not allege a continuing offer and a payment into court is insufficient.8 In some jurisdictions payment into court while necessary to discharge a mortgage securing the debt is not necessary to stop interest and costs.9
11 Northern Colorado Irrigation Co. v. Richards, 22 Colo. 450; 45 Pac. 423.
12 McWhirter v. Crawford, 104 la. 550; 72 N. W. 505; modified on rehearing. 73 N. W. 1021.
13 Latimer v. Land Co.. 137 Cal. 286; 70 Pac. 82 (as that interest is not included).
14 Kofoed v. Gordon, 122 Cal. 314; 54 Pac. 1115.
15 Colton v. Bank, 137 Cal. 376; 70 Pac. 225.
16 Bluntzer v. Dewees, 79 Tex. 272.
17 Martin v. Bank, 131 N. C. 121; 42 S. E. 558.
1 Dunn v. Hunt, 63 Minn. 484; 65 N. W. 048; Gauche v. Milbrath, 94 Wis. 674; 69 N. W. 999.
2 Beardsley v. Beardsley, 86 Fed. 16; 29 C. C. A. 538; Thayer v. Meeker, 86 111. 470; Slack v. Price, 1 Bibb. (Ky.) 272.
3 Middle States, etc.. Co. v. Mattress Co., 82 Md. 506; 33 Atl. 886; Sanders v. Bryen, 152 Mass. 141; 9 L. R. A. 255; 25 X. E. 86.
4 Cheney v. Bilby. 74 Fed. 52; 20 C. C. A. 291; Thompson v. Lyon, 40 W. Va. 87; 20 S. E. 812.
 
Continue to: