partly or wholly, the buyer may treat the sale as avoided, or
as transferring the property in all of the existing goods and as
binding him to pay the full agreed price if the sale was indivisible,
or if divisible the agreed price for the goods in which the property
passes. One can readily imagine trouble when none of the goods have
been destroyed but all are in a condition inferior to that supposed at
the time of the bargain. In such a case the "only question is whether
the article has been so far destroyed as no longer to answer the
description of it given by the contract."
The price may be fixed by the contract or in such a manner as the
parties may agree, and may be made payable in personal or real
property. When the price is not determined in the way mentioned in the
Sales Act, the buyer must pay a reasonable price. This is a question
of fact in each case. Usually, the price, either in an executed sale
or in a contract to sell, is fixed by the parties at the time of
making the bargain. In the agreement to sell there must be a
consideration on both sides to sustain it. Sometimes the parties agree
that the amount of the price shall vary according to the happening, or
failure to happen, of a future event. Such a contract may be a wager,
which is forbidden by law, or it may be legal, as we shall soon learn.
Whenever no price has been fixed the law has established a rule, a
reasonable price. It is the intention and understanding of the parties
that a buyer who orders a barrel of flour from his grocer will pay a
reasonable price. Likewise a buyer who orders a carriage to be made
for him and says nothing about the price.
What is a reasonable price? Generally the market price at the time and
place fixed by the contract or by law for delivering the goods, but
not always. Under unusual conditions the market price does not furnish
the only test. Said the court in one of these cases: a reasonable
price may or may not agree with the current price of the commodity at
the place of shipment at the precise time of making it. The current
price of the day may be highly unreasonable from accidental
circumstances, by the action of the seller himself in purposely
keeping back the supply.
With respect to warranties the Sales Act provides that when the sale
is made on a condition which is not performed, the party for whose
benefit the condition was made may refuse to proceed with the contract
or sale, or may waive performance of the
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