How is the price ascertained ?

In a contract of sale , the price may be ascertained in the following ways ( section 9 ) :

(i) It may be fixed by the contract , e.g. Abu agrees to sell his car to Ahmad for Rm 30,000 .
(ii) It may be left to be fixed in a manner agreed in the contract ( e.g. by a third party ) ; or
(iii) it may be determined by the course of dealing between the parties
(iv) If none of the above methods is used , the buyer is bound to pay a reasonable price ( dependent on the circumstances of each particular case ) .

The parties may agree that the price is to fixed by the valuation of a third party and in that event , Section 10 (1) provides that if such third party 'cannot or does not make such valuation , the agreement is thereby avoided '.