As per Section 2(10) of the Sale of Goods Act, 1930,
The money consideration for a sale of goods is known as ‘price’. As per Section 9, the price may be fixed
by one or the other of the following modes.
- It may be expressly fixed by the contract itself.
- It may be fixed in accordance with an agreed manner provided by the contract.
- It may be determined by the course of dealings between the parties.
- If the price is not capable of being determined in accordance with any of the above
modes, the buyer is bound to pay the seller a ‘reasonable price’. Ordinarily the market price
of the goods prevailing on the date of supply is taken as reasonable price.
