n may agree to pay
what shall be the market price at a particular time, or a price to be
fixed by a third person. The price must also be payable in money or its
negotiable representative, as notes or bills. One article given for
another is merely _barter_. The same principles of law, however, govern
in both cases.

Sec.5. There must be a _mutual consent of the parties_, and the contract is
binding when a proposition made by one party is accepted by the other.
The negotiation may be carried on by letter, as before stated. (Chap.
LIV, Sec.7.)

Sec.6. In contracts of sale which are not perfected at once by payment and
delivery, certain formalities are to be observed. These forms generally
are prescribed by what is called the English statute of frauds, which
requires, (1.) that the buyer shall accept and receive part of the goods
sold; or (2.) give something in earnest to bind the bargain, or in part
payment; or (3.) that some note or memorandum in writing of the bargain
shall be made and signed by the party to be charged, or by his
authorized agent. These provisions, however, apply only to cases in
which the price of the goods sold is ten pounds sterling, or more. The
same rule prevails generally in this country, with slight variations in
some states. The price of the goods sold, in cases to which the
provisions of that statute apply, is fixed by law in many of the states,
and varies from $30 to $200.

Sec.7. To complete a contract of sale, and pass the title to the property
to the buyer, there must be a _delivery of the goods sold_. When the
goods are such as cannot be manually or immediately delivered, or are
not in the actual custody of the seller, the law does not require an
actual delivery. But they must be placed in the power of the purchaser;
or there must be such acts and declarations of the parties as imply a
change of ownership. When the right of property has been transferred to
the buyer, whether by an actual or only a constructive delivery, he
immediately assumes the risk of the goods; so that if they shall be
afterward injured or destroyed, he must bear the loss.

Sec.8. When nothing is said at the sale as to the time of delivery, or the
time of payment, the buyer is entitled to the goods on payment or tender
of the price, and not other wise; for, though he acquires the _right of
property_ by the contract of sale, he does not acquire the _right of
possession_, until he pays or tenders the price. But if the