Question

Mr. Santos entered into a contract with Mr. Reyes for the sale of a parcel of land. The contract stipulated that payment must be made within 60 days from the signing of the agreement. However, Mr. Santos encountered financial difficulties and was unable to comply with the agreed-upon deadline.

Mr. Reyes, citing Article 10 of the Civil Code, claims that the contract should be considered void due to Mr. Santos's failure to fulfill the payment within the prescribed period. On the other hand, Mr. Santos argues that Article 10 of the Civil Code allows for a reasonable extension of the payment deadline given the circumstances.

Considering the given facts and the provisions of Article 10 of the Civil Code, evaluate the validity of Mr. Reyes's claim and Mr. Santos's argument. Discuss the effect and application of the law in resolving the dispute and provide a legal analysis of the situation.