Under the Sale of Goods Act (Ont. s. 3; U.K. s. 1) the consideration is "a money consideration, called the price."
Chalmers (Sale of Goods, 7th ed., 1910, p. 6) says that " apart from the statute, it seems that rules of law relating to sales apply in general to contracts of barter or exchange; but the question has been by no means fully worked out. The bill originally contained a clause applying its provisions mutatis mutandis to exchanges, but the clause was cut out by the Commons Select Committee." In the United States the Uniform Sales Act (s. 9) provides that the price may be made payable in any personal property.
If the consideration consists partly of money and partly of goods, the principles relating to sales, and not those relating to barter or exchange, apply.
Mason & Risch v. Christner, 1920, 48 O.L.R. 8, 54 D.L. R. 653.
The Sale of Goods Act (Ont. ss. 10,11; U. K. ss. 8, 9) provides :
(2) Where the price is not determined in accordance with the foregoing provisions the buyer must pay a reasonable price. What is a reasonable price is a question of fact dependent on the circumstances of each particular case.
11. - (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 such third party cannot or does not make such valuation the agreement is avoided: provided if the goods or any part thereof have been delivered to and appropriated by the buyer he must pay a reason(2) Where such third party is prevented from making the valuation by the fault of the seller or buyer, the party not in fault may maintain an action for damages against the party in fault.
"Fault is defined by the statute (Ont. s. 2; U. K. s. 62) as meaning "wrongful act or default."