Sec. 42a-2-305. Open price term.
Sec. 42a-2-305. Open price term. (1) The parties if they so intend can conclude
a contract for sale even though the price is not settled. In such a case the price is a
reasonable price at the time for delivery if (a) nothing is said as to price; or (b) the price
is left to be agreed by the parties and they fail to agree; or (c) the price is to be fixed in
terms of some agreed market or other standard as set or recorded by a third person or
agency and it is not so set or recorded.
(2) A price to be fixed by the seller or by the buyer means a price for him to fix in
good faith.
(3) When a price left to be fixed otherwise than by agreement of the parties fails to
be fixed through fault of one party the other may at his option treat the contract as
cancelled or himself fix a reasonable price.
(4) Where, however, the parties intend not to be bound unless the price is fixed or
agreed and it is not fixed or agreed there is no contract. In such a case the buyer must
return any goods already received or if unable to do so must pay their reasonable value
at the time of delivery and the seller must return any portion of the price paid on account.
(1959, P.A. 133, S. 2-305.)
Annotation to former statute (1958 Rev., S. 42-8):
Sale "net to use" construed. 83 C. 65.
Annotation to present section:
Cited. 179 C. 232.