70A-2-305 - Open price term.

70A-2-305. Open price term.

(1) The parties if they so intend can conclude a contract for sale even though the price isnot 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 orrecorded 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 goodfaith.
(3) When a price left to be fixed otherwise than by agreement of the parties fails to befixed through fault of one party the other may at his option treat the contract as canceled orhimself fix a reasonable price.
(4) Where, however, the parties intend not to be bound unless the price be fixed or agreedand it is not fixed or agreed there is no contract. In such a case the buyer must return any goodsalready received or if unable so to do must pay their reasonable value at the time of delivery andthe seller must return any portion of the price paid on account.

Enacted by Chapter 154, 1965 General Session