Queensland Consolidated Acts

SALE OF GOODS ACT 1896 - SECT 12

12 Agreement to sell at valuation

(1) When 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 such third party cannot or does not make such valuation, the agreement is avoided.

(1A) However, if the goods or any part thereof have been delivered to and appropriated by the buyer the buyer must pay a reasonable price for them.

(2) When such 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.