price

The price is the total sum paid for the goods. The amount added because of the tax is paid to get the goods and for nothing else. Therefore it is part of the price.

See "Value."

The consideration in money given for the purchase of a thing. It is not synonymous with value; Chicago, K. & W. R. Co. v. Parsons, 51 Kan. 408, 32 Pac. 1083. There are three requisites to the quality of a price in order to make a sale. 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. Pothier, Vente, n. 18. It must 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; Pothier, Vente, n. 23; Brown v. Bellows, 4 Pick. (Mass.) 179; 2 Kent 477. When the parties have not expressed any price in their contract, the presumption of law is that the thing is sold for the price it generally brings at the time and place where the agreement was made; Lyles v. Lyles’s Ex’rs, 6 II. & J. (Md.) 273; Coxe 2G1; 10 Bingh. 376; 11 U. C. Q. B. 545. 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 anything else it will no longer be a price, nor the contract a sale, but exchange or barter; Pothier, Vente, n. 30; 1G Toullier, n. 147; Mitchell v. Gile, 12 N. H. 390; Vail v. Strong, 10 Vt. 457; see, Hudson I. Co. v. Alger, 54 N. Y. 173, where it was held that price in an act meant value or compensation. 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; in the place where exposed to sale, if personal; Pothier, 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; Ayl. Parerg. 447; Merlin, R6pcrt; Brown v. Bellows, 4 Pick. (Mass.) 179. 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. PI. 372, n.; 2 Lilly, Abr. G29. Lord Tenterden’s act has substituted value for price in the English statute of frauds;

The consideration (usually in money) given for the purchase of a thing. It is true that "price" generally means the sum of money which an article is sold for; but this is simply because property is generally sold for money, not because the word has necessarily such a restricted meaning. Among writers on political economy, who use terms with philosophical accuracy, the word "price" is not always or even generally used as denoting the moneyed equivalent of property sold. They generally treat and regard price as the equivalent or compensation, in whatever form received, for property sold. The Latin word from which "price" is derived sometimes means "reward," "value," "estimation." "equivalent." Hudson Iron Co. v. Alger, 54 N. Y. 177.

— Price current. A list or enumeration of various articles of merchandise, with their prices, the duties, if any, payable thereon, when imported or exported, with the drawbacks occasionally allowed upon their exportation, etc. Wharton.

The sum of money for which an article is sold; also, the equivalent or compensation, in whatever form received, for property sold. The first and general meaning originates in the fact that property is ordinarily sold for money; not because the word has necessarily such a restricted meaning.' 1 Commonwealth v. Howe, 133 Mass. 858 (1883), C., Allen, J. As to title to the property, see 34 Cent Law J. 103 (1887), Eng. cases. I ' 1 Story, Eq. § 709. ' 3 [Weston V. Cushing, 45 Vt. 537 (1873). • Sanger, &c. R. Co. v. Chamberlain, 60 Me. 886 (1878); Hawkins v. Nowland, 5S Mo. 330 (1873). The Latin is pretium, reward, value, estimation, equivalent. Webster shows that "price" is sometimes still used in this sense. ^ Cost price. The price paid for a thing, as, for goodB.2 Prices-current. Prepared by parties furnishing them in the ordinary course of business, may be used as evidence of the value of the articles mentioned in them. 3 See Book, 1; Science. See also Cash; Cost; Inade<jcacy; Market-price; Value.

Does not necessarily imply a sale for money. It is true that " price " generally means the sum of money which an article is sold for; but this is simply because property is generally sold for money, not because the word has necessarily such a restricted meaning. It may mean the equivalent or compensation, in whatever form received, for property sold. The Latin word from which price is derived sometimes means " reward," " value," " estimation," " equivalent; " and Webster shows that " price " is sometimes used in the same sense. Hudson Iron Co. v. Alger, 54 N. Y. 173.

contracts, is the consideration in money given for the purchase of a thing. The true price of a thing is that for which things of 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.; Ayliff’s Pand. 447; Merlin, Répert. h. t.