In the case of Martindale v. Smith, (1841) 1 QB 389, several Oak stocks were sold on the seller’s property. The buyer was required to make payment for the stocks within three months after the contract, but they could stay there for a maximum of four months. Three months later, the seller made a price demand; the buyer refused to pay. Later, the buyer requested more time, which the seller flatly refused to grant, stating that since the buyer had not made payment in a timely manner, he would not be able to deliver the stocks. The seller denied the price when the buyer later tendered it and instead sold the stocks to a third party. A lawsuit was brought by the buyer against the seller, and the court granted in in favour of buyer.
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