Is a contract considered terminated due to non-payment on the specified date, despite the seller subsequently requesting payment of the price?

Scholars have differed regarding the ruling on suspending the sale on the payment of the price, which is known as the option of cash payment. The more correct opinion is its permissibility according to the Hanafis and Hanbalis, and according to the Malikis within three days or thereabouts. The buyer has the choice between paying the price and completing the sale, and if he does not pay the price, it is permissible for the seller to annul the sale. Analogy dictates that the sale is not permissible with the option of cash payment, but it was permitted based on istihsan (juristic preference) to avoid the buyer's procrastination. Ibn Qudamah held that the sale is valid if the payment of the price is stipulated within a known period, otherwise there is no sale, and this was also stated by Abu Hanifa, while Al-Shafi'i and Zufar hold that the sale is invalid. Therefore, the option of cash payment is valid according to the Hanbalis and those who agree with them, and the sale is annulled if the price is not paid, while the Shafi'is believe that the sale is originally invalid.