§ 26-1-2-305 — Open price term

Indiana § 26-1-2-305

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 2: 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 (1) 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.
Formerly: Acts 1963, c.317, s.2-305.