Page:United States Statutes at Large Volume 47 Part 1.djvu/1230

 1206 Sale at a valu ation. Effect of cond ition. Express warranty. Implied warranties. When sale by de- scription. 72d C ONGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933. 2 . The price may be made payable in any personal property. 3 . Where transferring or promising to transfer any interest in real estate constitutes the whole or part of the consideration for transferring or for promising to transfer the property in goods, this chapter shall not apply. 4 . Where the price is not determined in accordance with the fore- going provisions the buyer must pay a reasonable price. What is a reasonable price is a question of fact dependent on the circumstances of each particular case. SEC. 606. SALE ATA VALUATION .-1. Where there is a contract to sell or a sale of goods at a price or on terms to be fixed by a third person, and such third person without fault of the seller or the buyer, can not or does not fix the price or terms, the contract or the sale is thereby avoided ; but if the goods or any part thereof have been delivered to and appropriated by the buyer he must pay a reasonable pr ice ther efor. 2 . Where such third person is prevented from fixing the price or terms by fault of the seller or the buyer, the party not in fault may have such remedies against the party in fault as are allowed by the appropriate parts of this chapter. SEC. 607. EFFECT of coNDITION .-1. Where the obligation of either party to a contract to sell or a sale is subject to any condition which is not performed, such party may refuse to proceed with the con- tract or sale or he may waive performance of the condition. If the other party has promised that the condition should happen or be performed, such first mentioned party may also treat the nonper- formance of the condition as a breach of warranty. 2 . Where the property in the goods has not passed, the buyer may treat the fulfillment by the seller of his obligation to furnish goods as described and as warranted expressly or by implication in the contract to sell as a condition of the obligation of the buyer to per- form his promise to accept and pay for the goods. SEC. 608. DEF INIT ION OF EXPRESS WARRANTY.-Any affirmation of fact or any promise by the seller relating to the goods is an express warranty if the natural tendency of such affirmation or promise is to induce the buyer to purchase the goods, and if the buyer pur- chases the goods relying thereon. No affirmation of the value of the goods, nor any statement purporting to be a statement of the seller's opinion only shall be construed as a warranty. SEC . 609 . IMPLIED WARRANTIES of TITLE .-In a contract to sell or a sale, unless contrary intention appears, there is 1. An implied warranty on the part of the seller that in case of a sale he has a right to sell the goods, and that in case of a contract to sell he will have a right to sell the goods at the time when the property is to pass ; 2 . An implied warranty that the buyer shall have and enjoy quiet possession of the goods as against any lawful claims existing at the time of the sale ; 3 . An implied warranty that the goods shall be free at the time of the sale from any charge or encumbrance in favor of any third person, not declared or known to the buyer before or at the time when the contract or sale is made. 4 . This section shall not, however, be held to render liable a mar- shal, auctioneer, mortgagee or other person professing to sell by virtue of authority in fact or law goods in which a third person has a legal or equitable interest. SEC. 610. IMPLIED WARRANTY IN SALE BY DESCRIPTION.-Where there is a contract to sell or a sale of goods by description ; there is an implied warranty that the goods shall correspond with the descrip-