In 9 Hals. (4th) 340-41, this matter is dealt with as follows: "486. Effect of agreed extensions. Where time is of the essence of the contract and one party waives … the right to insist on performance by the stipulated time and allows an extension, his act does not operate as an entire waiver of the essential condition as to time, but merely has the effect of substituting the extended time for that originally fixed …" Again, one of the cases cited in the footnote to this paragraph is Barclay v. Messenger, supra.
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