An acceleration clause requiring the 'principal sum' to become 'forthwith repayable' on default operates to require repayment in cash, overriding a repayment schedule providing for partial repayment by transfer of land, unless the contract expressly provides otherwise. A party exercising a contractual option need not identify the specific clause conferring the right; the exercise is effective if the party's conduct is sufficiently clear and certain to amount to an exercise of the option. A tender of less than the amount due does not satisfy the debtor's obligation under the rule in Pinnel's Case.
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