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.
On the happening of a breach which may amount to a discharge, the party who is not in default must elect between treating the contract as discharged and treating the contract as still in effect, so that he may demand a further performance thereof,1 as long as the election to treat the contract is in effect does not increase damages. The party who has a right to elect whether or not he will treat the contract as discharged has a reasonable time in which to exercise such right of election,2 and he must exercise such right of election within a reasonable time.3
9 Mundt v. Simpkins, 81 Neb. 1, 115 N. W. 325.
1 Des Allemands Lumber Co. v. Morgan City Timber Co., 117 La. 1, 41 So. 332.
2 Milwaukee Boston Store v. Katz, 153 Wis. 492, 140 N. W. 1038.
3 Alger-Fowler Co. v. Tracy, 98 Minn. 432. 107 N. W. 1124.