This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
If the contract, while not specifically determining the subject-matter, fixes a valid method of determining it thereafter, as in a contract for the sale of realty,1 it is certain enough. If the entire consideration is a price which is to be fixed by certain appraisers to be named, no contract exists, unless they fix such price,2 even if one of the parties prevents them from fixing it,3 as by refusing to appoint an appraiser,4 or by refusing to allow an appraiser to proceed after he has been appointed.5 This rule has been justified on the ground of the lack of power, and often of ability, on the part of arbitrators, to secure evidence and weigh it duly so as to insure l Emshwiller v. Tyner, 16 Ind. App. 133, 44 N. E. 811.
3 Work v. Weigh, 160 Iil. 469, 43 N. E. 719.
4 Bron v. Ward, 110 la. 123, 81 N. W. 247.
5 Woarms v. Hammond, 5 D. C. App. 338.
6 Hauser v. Harding, 126 N. Car. 205, 35 S. E. 586.
7 Olcese v. Mobile Fruit & Trading Co., 211 111. 539, 71 N. E. 1084.
2 England. Collins v. Collins, 26 Beav. 306.
Louisiana. Saint v. Martel, 127 La. 73, 53 So. 432.
Missouri. St. Louis v. St. Louis Gaslight Co., 70 Mo. 69.
New Jersey. Woodruff v. Woodruff, 44 N. J. Eq. 349, 1 L. R. A. 380, 16 Atl. 4.
Ohio. Corner v. Drake, 1 O. S. 167.
Wisconsin. Schneider v. Reed, 123 Wis. 488, 101 N. W. 682.
3 Elberton Hardware Co. v. Hawes, 122 Ga. 858, 50 S. E. 964.
4 King v. Howard, 27 Mo. 21.
5 Vickers v. Vickers, L R. 4Eq. 529.