Say I have only an {Arbor Elf} in play and for some reason I put a {Rancor} on it. In response my opponent uses {Ultimate Price} to kill my {Arbor Elf} before {Rancor} resolves. Since {Rancor} has no target what happens to it? Does it go to the graveyard or back to my hand?
Thanks
It will go to your graveyard, and stay there. Because it never successfully entered the battlefield, it's 'return to hand when entering the graveyard from the battlefield' ability will not trigger.
And just to clarify, even if that elf weren't your only creature, the same result would happen. When you cast a spell, part of the casting process is selecting it's target(s), which all occurs before priority is passed and your opponent gets his chance to respond. Once that elf is declared the target, your opponent needs only to respond by killing that one elf to send rancor to the graveyard - you can't change who you decide to attach it to once it's been declared.
Thanks! That's what I thought.