Effect of default as to that promise which should be first performed, in contract consisting of reciprocal promises

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...., such that one of them cannot be performed, or that its performance cannot be claimed till the other has been performed, and the promiser of the promise last mentioned fails to perform it, such promisor cannot claim the performance of the reciprocal promise, and must make compensation to the other party to the contract for any loss which such other party may sustain by the non-performance of the ....

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....ce of the contract. (c)        A contracts with B to deliver to him, at a specified price, certain merchan­dise on board a ship which cannot arrive for a month, and B engages to pay for the merchandise within a week from the date of the contract. B does not pay within the week. A's promise to deliver need not be per­formed, and B must make compensation....