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.
Special questions arise under contracts to pay in goods or in labor debts which are measured at a money value. The first question is whether, under such contracts, there is a right of election to perform such covenant or to pay money. If the contract is to deliver certain goods, or do certain work, for a consideration agreed upon, and no money value for such consideration is estimated, the debtor has no right of election.1 A contract to pay a certain part of the crops received from realty leased, and a certain number of bushels of corn as rent for such realty, is a contract in which there is no right of election, and in case of breach the lessor is to recover the market value of such corn.2 A contract to pay in two or more given kinds of articles, can not be performed by payment in articles of one kind alone.3