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Sale of Goods Act 1979
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The price
8Ascertainment of price
(1)The price in a contract of sale may be fixed by the contract, or may be left to be fixed in a manner agreed by the contract, or may be determined by the course of dealing between the parties.
(2)Where the price is not determined as mentioned in subsection (1) above the buyer must pay a reasonable price.
(3)What is a reasonable price is a question of fact dependent on the circumstances of each particular case.
9Agreement to sell at valuation
(1)Where there is an agreement to sell goods on the terms that the price is to be fixed by the valuation of a third party, and he cannot or does not make the valuation, the agreement is avoided; but if the goods or any part of them have been delivered to and appropriated by the buyer he must pay a reasonable price for them.
(2)Where the third party is prevented from making the valuation by the fault of the seller or buyer, the party not at fault may maintain an action for damages against the party at fault.
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