Ok kiddo, there was this thing called a contract. It's like a promise between two people. One person named Armour & Co said they would sell some meat to another person named Wantock. But then Wantock didn't buy the meat and Armour & Co got real mad.
So, Armour & Co went to court and said, "Hey, Wantock promised to buy our meat, and we want the money we would have made." But Wantock said, "I didn't promise to buy it right away, I just said I would eventually."
The judges had to decide if Wantock broke his promise or if he just delayed it. They thought about it and decided that Armour & Co had to wait a reasonable amount of time for Wantock to buy the meat before they could sue for not buying it.
So basically, it's like when you promise your friend you'll share your candy with them later, but you don't share it right away. As long as you eventually share it, you didn't break your promise.