Contract Enforcement Based on Agreement to Fix Price

A party sued to enforce a contractual obligation against another, relying on a document that the defendant claimed was a mere commitment to negotiate, not a final agreement on the price, thus lacking the essential element of consent on the sale price required for a valid promise to sell, and the court of appeal agreed, holding the document did not constitute a firm offer binding the seller. The high court quashed this decision, reasoning that if the lower court found that the document expressed the mutual intent of the parties to sell and to acquire the property, despite the provision for subsequent price fixing, it had a legal basis for concluding that the contract of sale was perfected, as the agreement on the thing sold, with a price to be subsequently determined by agreement or expert determination, is sufficient for the formation of a sale.