Question

Which of the following statements is correct in relation to ascertainment of price of goods?

• A. Price of goods must be fixed in the Contract of sale
• B. Where the parties agreed that the price of goods has to be fixed by third party, and if the third party falls to fix the price, the agreement is void
• C. If the price is not fixed by any manner, seller is not entitled to any price
• D. None of the above

Answer 1

The correct option is B Where the parties agreed that the price of goods has to be fixed by third party, and if the third party falls to fix the price, the agreement is void

Where the parties agreed that the price of goods has to be fixed by third party, and if the third party falls to fix the price, the agreement is void- this statement is correct in relation to ascertainment of price of goods. Ascertainment of price of goods is to specify or determine the price of goods without ambiguity.