The price must always be money or money's worth.11 When the parties have expressly agreed upon the price to be paid for the sale of a thing, this settles the question, but the price to be paid is not always fixed with certainty, and sometimes nothing at all is said about the amount of money to be paid for the thing sold. In the latter case, the law implies a promise to pay what the thing is reasonably worth.12 Where the thing sold has a market price, then when no sum is named to be paid, the market price on the day of delivery will govern.13 The price may be left to be fixed by a third person,14 but if the third person refuses to act, then in the absence of fraud, on the referee's part, there is no contract.15

7 Riggs vs. Am. Tract Society,

84 N. Y., 330; McCormick vs. Littler, 85 I11., 62.

8 Von Platen vs. Krueger, 11 I11.

App., 627; Polly vs. Walker, 60 Iowa, 88.

9 Wilson vs. Herbert, 41 N. J. L., 454.

10 Perry on Trusts, 5 Edit., Sec. 217.

11 Goldsmith vs. Greenly, 32 Atl. R.,

250 12 Valpy vs. Gibson, 4 C. B., 837.

It is not necessary that the money be actually paid over at the time of the sale, to pass title to the thing sold, it may be paid at any time the parties may fix upon.