§ 4-2-305 — Open price term

Colorado § 4-2-305

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Sales

Text

(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 canceled or himself fix a reasonable price.

(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.

Legislative History

Source: L. 65: p. 1307, � 1. C.R.S. 1963: � 155-2-305.