40. The price or other consideration.

The contract must state the agreed consideration1 or the agreed means of ascertaining it2. The law will not imply a term that a sale is to be for a reasonable price3. Any provision as to the method of payment must be specified in the contract4. Where land is purchased in three separate lots, at a separate price for each lot, a document setting out merely the total consideration is not a sufficient memorandum in support of any of the transactions