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MATTERS RELATING TO PRICE

SECTION I.

Nature of and circumstances affecting price.

Article 237. The price must be named at the time of the sale. Consequently, if the price of the thing sold is not mentioned, the sale is voidable.

Article 238. The price must be ascertained.

Article 239. The price is ascertained by being seen, if it is visible. If not, it is ascertained by stating the amount and description thereof.

Article 240. If the price is stated to be so many gold coins in a locality in which different types of gold coins are in circulation, without stating the particular type of gold coin, the sale is voidable. The same rule applies to silver coins.

Article 241. If the price is stated in piastres, the purchaser can give any type of coin he likes, provided that the circulation thereof is not forbidden.

Article 242. When a contract is drawn up expressing the nature of the price, payment must be made in whatever kind of currency is mentioned.

Example:- A contract is made for payment in Turkish, English, or French pounds, or in pieces of twenty medjidies each, or in dollars. Payment must be made in whatever currency is stipulated.

Article 243. Anything produced at the time of the conclusion of the contract cannot he regarded as determining the nature of the price.

Example:- A purchaser shows a gold piece of one hundred piastres which he has in his hand, and states that he has bought such and such a piece of property with that particular gold coin. The vendor agrees to sell. The purchaser is not obliged to give that particular gold coin itself, but may substitute for it another gold piece of one hundred piastres of the same type.

Article 244. Fractions of coins may be given instead of a particular type of coinage. In this case, however, local custom must be followed.

Example:- A bargain is concluded for payment by medjidies of twenty piastres. Payment may also be made with pieces of ten and five. But in view of custom now prevailing in Constantinople, fractions of pieces of forty and of two may not be given instead of pieces of twenty.

SECTION II:

Sale subject to payment at a future date.

Article 245. A valid sale may be concluded in which payment of the price is deferred and is made by installments.

Article 246. In the event of deferment and payment of the price by installments, the period thereof must be definitely ascertained and fixed.

Article 247. If a bargain is concluded with a promise for payment at some definite future date which is fixed by the two contracting parties, such as in so many days, or months, or years time, or the 26th October next, the sale is valid.

Article 248. If a bargain is concluded stipulating for payment at a time which is not clearly fixed, such as “when it rains” the sale is voidable.

Article 249. If a bargain is concluded whereby credit is given for an undefined period, payment becomes due within one month.

Article 250. The time agreed upon for deferred payment, or payment by installments, begins to run from the time the thing sold is delivered

Example:- Goods are sold to be paid for in a year’s times the vendor after keeping them for a year, delivers them to the purchaser. The money must be paid after a period of one year from the date of delivery, that is, upon the expiration of precisely two years from the time of the sales.

Article 251. An unconditional sale is concluded with a view to payment forthwith. But in places where by custom an unconditional sale is concluded for payment by some definite future date, or by installments, payment becomes due on the date or dates in question.

Example:- A purchases a thing from the market without stipulating as to whether payment is to be made forthwith or whether purchased on credits Payment must be made forthwith, But where by local custom the whole or a part of the price is payable at the end of a week or month, such custom must be observed.