The Law of Sales of Personal Property

Cover The Law of Sales of Personal Property
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Bank v. Reno, 73 la. 145 (title passing without delivery) (1887).
7 Sturm V. Baker, 150 U. S. 312, 329, 330 ; 14 Sup. Ct. E. 99, 104 (1893). " When there is no obligation to return the specific article, and the receiver is at liberty to return another thing of value, he be- comes a debtor to make the return, and the title to the property is changed. The transaction is a sale." NATURE AND FOKMALITIES OP THE CONTRACT. 31 future event ; ^ or if it can be made certain as by reference to a price cur
...rent at a specified time and place, ^ or by reference to the price of gold on a given da}',' or by the verdict of a jury,^ or by the valuation of a third party/ In the last case, if the chosen arbiter does not appraise the property, the contract to sell should be deemed avoided, inasmuch as it was conditioned upon his performance of the stipulated act ; ° but if the purchaser has appropriated any of the goods, under such a contract, he is liable for a reasonable price ; ' and if the failure of the arbiter to act is due to the fault of either party, he is liable in damages to the other.* This topic is discussed more fully in a later chapter.

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