| n. | 1. | The sum or amount of money at which a thing is valued, or the value which a seller sets on his goods in market; that for which something is bought or sold, or offered for sale; equivalent in money or other means of exchange; current value or rate paid or demanded in market or in barter; cost. | |||
| 2. | Value; estimation; excellence; worth. | ||||
| 3. | Reward; recompense;
| ||||
| v. t. | 1. | To pay the price of. | |||
| 2. | To set a price on; to value. See Prize. | ||||
| 3. | To ask the price of; | ||||
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.
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