400.2-305. Open price term.
Open price term.
400.2-305. (1) The parties if they so intend can conclude acontract for sale even though the price is not settled. In sucha case the price is a reasonable price at the time for deliveryif
(a) nothing is said as to price; or
(b) the price is left to be agreed by the parties and theyfail to agree; or
(c) the price is to be fixed in terms of some agreed marketor other standard as set or recorded by a third person or agencyand it is not so set or recorded.
(2) A price to be fixed by the seller or by the buyer meansa price for him to fix in good faith.
(3) When a price left to be fixed otherwise than byagreement of the parties fails to be fixed through fault of oneparty the other may at his option treat the contract as canceledor himself fix a reasonable price.
(4) Where, however, the parties intend not to be boundunless the price be fixed or agreed and it is not fixed or agreedthere is no contract. In such a case the buyer must return anygoods already received or if unable so to do must pay theirreasonable value at the time of delivery and the seller mustreturn any portion of the price paid on account.
(L. 1963 p. 503 § 2-305)