s 14
In forceAgreement to sell at valuation
Part IIFormation of the contract
Division 3The price
14 Agreement to sell at valuation
(1)
Subject to subsection (2) 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 the third party cannot or does not make the valuation, the agreement is avoided.
(2)
If the goods or any part thereof have been delivered to and appropriated by the buyer he must pay a reasonable price therefor.
(3)
Where the 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.
Division 4 Conditions and warranties
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