The party who is not in default has, ordinarily, a reasonable time in which to determine whether he will treat the breach as a discharage or not;1 and accordingly his delay in treating the contract as discharged, if not exceeding a reasonable time, does not amount to a waiver.2

Delay in avoiding the contract for more than a reasonable time may waive the right to avoid it,3 as where in the meantime the land depreciates in valjie.4 The act of the buyer in keeping an article for an unreasonable time with full knowledge of the facts, waives his right to avoid the contract for defects therein.5