Price
PRICE, contracts. The consideration in money given for the purchase of a
thing.
2. There are three requisites to the quality of a price in order to
make a sale.
3.-1. It must be serious, and such as may be demanded: if, therefore, a
person were to sell me an article, and by the agreement, reduced to writing,
he were to release me from the payment, the transaction would no longer be a
sale, but a gift, Poth. Vente, n. 18.
4.-2. The second quality of a price is, that the price be certain and
determinate; but what may be rendered certain is considered as certain if,
therefore, I sell a thing at a price to be fixed by a third person, this is
sufficiently certain, provided the third person make a valuation and fix the
price. Poth. Vente, n. 23, 24.
5.-3. The third quality of a price is, that it consists in money, to be
paid down, or at a future time, for if it be of any thing else, it will no
longer be a price, nor the contract a sale, but exchange or barter. Poth.
Vente, n. 30; 16 Toull. n. 147.
6. The true price of a thing is that for which things of a like nature
and quality are usually sold in the place where situated, if real property;
or in the place where exposed to sale, if personal. Poth. Contr. de Vente,
n. 243. The first price or cost of a thing does not always afford a sure
criterion of its value. It may have been bought very dear or very cheap.
Marsh. Ins. 620, et seq.; Ayliffe's Pand. 447; Merlin, Repert. h.t.; 4 Pick.
179; 8 Pick. 252; 16 Pick. 227.
7. In a declaration in trover it is usual, when the chattel found is a
living one, to lay it as of such a price when dead, of such a value. 8
Wentw. Pl. 372, n; 2 Lilly's Ab. 629. Vide Bouv. Inst. Index, h.t.;
Adjustment; Inadequacy of price; Pretium affectionis.
amends,
amount,
appraisal,
appraise,
asking price,
assay,
assess,
atonement,
bank rate,
bearish prices,
bid price,
blood money,
bonus,
book value,
bounty,
bullish prices,
call price,
closing price,
compensation,
compensatory interest,
compound interest,
consequence,
consideration,
cost out,
damages,
dearness,
decline,
discount rate,
equivalent odds,
evaluate,
evaluation,
even break,
even chance,
exorbitant interest,
expenditure,
extraordinary worth,
face value,
fair-trade,
fee,
figure,
fixed price,
flash price,
flurry,
flutter,
good chance,
great price,
great value,
gross interest,
guerdon,
high,
honorarium,
hundred-to-one shot,
indemnification,
indemnity,
interest,
interest rate,
invaluableness,
issue par,
issue price,
long odds,
long shot,
low,
lucrative interest,
market price,
market value,
meed,
mortgage points,
net interest,
no chance,
nominal value,
odds,
offering price,
opening price,
outlay,
par,
par value,
parity,
payment,
penal interest,
penal retribution,
penalization,
penalty,
penance,
preciousness,
premium,
price of money,
price tag,
priceless,
pricelessness,
prize,
punishment,
put price,
quittance,
quotation,
quote a price,
quoted price,
rally,
rate,
rate of interest,
recompense,
redress,
remuneration,
reparation,
requital,
requitement,
restitution,
retribution,
return,
reward,
sacrifice,
salvage,
satisfaction,
settling price,
short odds,
simple interest,
small chance,
smart money,
solatium,
square odds,
stated value,
swings,
tab,
tariff,
toll,
usury,
valorize,
valuableness,
valuate,
valuation,
value,
wergild