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This entry was published on 2014-09-22
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Open Price Term
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 2, PART 3
Section 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

(4) Where, however, the parties intend not to be bound unless the
price be 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 so to do must pay their reasonable value at the
time of delivery and the seller must return any portion of the price
paid on account.