Horace Gray

“ When a merchant agrees to sell, and to ship to the rolling-mill of the buyer, a certain number of tons of pig-iron at a certain time, both the amount of iron and the time of shipment are essential terms of the agreement. The seller does not perform his agreement by shipping part of that amount at the time appointed, and the rest from time to time afterwards; and the buyer is not bound to accept any part of the iron so shipped.
In the case at bar, the plaintiffs were merchants at Chicago, and the defendant was the owner of a rolling-mill at Cleveland. ”

“ The time of shipment is the usual and convenient means of fixing the probable time of arrival, with a view of providing funds to pay for the goods, or of fulfilling contracts with third persons. A statement descriptive of the subject-matter, or of some material incident, such as the time or place of shipment, is ordinarily to be regarded as a warranty, in the sense in which that term is used in insurance and maritime law; that is to say, a condition precedent, upon the failure or non-performance of which the party aggrieved may repudiate the whole contract.' Norrington v. ”