Is a sale valid if payment of the price is conditioned upon being made within three days or a specified period, otherwise the sale is void between the parties?
Chapter on the Option of the Two Parties in Sale
Al-Mughni
Book of Sales
Primary text
The sale is valid under this condition. This ruling is explicitly stated and held by Abu Hanifa, Al-Thawri, Ishaq, and Muhammad ibn al-Hasan. Abu Thur also supports this if the condition is limited to three days. A similar position is reported from Ibn Umar (may Allah be pleased with him). The evidence presented is that this arrangement is narrated from Umar (may Allah be pleased with him). Furthermore, suspending the termination of the contract upon an event occurring within the option period is permissible, similar to stipulating a right of option. Additionally, this arrangement is a type of sale that can be annulled by delaying the immediate receipt of funds, analogous to currency exchange (Sarf). It is also considered equivalent in meaning to stipulating an option, as just as deliberation is needed regarding acceptance of the sale, deliberation is needed regarding whether the price will become immediately payable.
Supporting text
Malik holds that the sale is permissible if the period is two or three days, but it becomes void if the period is twenty nights. Al-Shafi'i and Zufar rule the sale as void because it suspends the nullification of the sale upon uncertainty (gharar), which invalidates it, similar to conditioning it upon the arrival of Zayd.