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438 day following the day on which the contract is made before which delivery of the securities must be made by the seller.

(3) Offers to buy or to sell where the time of delivery is postponed until a fixed time not further off than three days.

Offers of this sort are offers to buy or to sell "at three (or two) days." If an offer of this sort is accepted, delivery of the securities must be made by the seller on the third or second day after the contract is made, as the case may be, and before a certain time on such day.

(4) Offers to buy or to sell where the time of delivery may be postponed until a fixed time not further off than three days.

Offers of this sort are offers to buy or to sell "buyer three" (days) or "seller three" (days). An offer to buy or to sell "seller three," if accepted, gives the seller the option of making delivery of the securities at any time before a fixed time on the third day after the contract is made; and an offer to buy or to sell "buyer three," if accepted, gives an option to the buyer of calling (demanding) delivery of the securities at any time before a fixed time on the third day after the contract is made.

(5) Offers to buy or to sell where the time of delivery may be postponed for longer than three days but not longer than sixty days.

The commonest form of such offers are offers to buy or to sell securities "buyer thirty" (days) or "seller thirty" (days), or "buyer sixty" (days) or "seller sixty" (days). Such offers, if accepted, give options similar in all respects except that of length of time to those in the case of "buyer three" or "seller three." After offers of this kind are verbally made and accepted they are reduced to writing; such written contracts are known as "Stock Exchange contracts."