A contract is executed between two Indiana LLCs which obligates the payor to "pay $100 on the 1st of each month" in exchange for goods/services. No other terms are given. Payor mails a check on the first, and Payee contests that if Payor is to pay by check, the check must be enforceable by the 1st (received prior to the 1st).
We're ignoring the options of changing the contract, ACH, and credit cards since this is just a thought experiment to better understand contracts.
When is payment considered "made"? Does the answer differ if the contract is for goods vs services?
– Can a landlord insist on late fee for payment mailed but not recieved
– Indiana incorporation of UCC § 3-203(a)