William Whitman Co. v. Witcombe

In February, 1920, plaintiff contracted to sell and defendants to buy cloth to be manufactured, dates of shipment to be October, November and December. A sharp market drop caused defendants frequently to seek indulgence as to price, time of payment and delivery. On December 17, 1920, “ the following mutual arrangement for payment ” was confirmed by letter. The merchandise covered by the October and November invoices was paid for by trade acceptances, with the merchandise as security; “ the balance of the order will be invoiced half about March 1, 1921 and half April 1, 1921 on the contract…