§ 41-02-22 — (2-305) Open price term

North Dakota § 41-02-22

• Jurisdiction: North Dakota
• Title 41: Uniform Commercial Code
• Ch. 41-02: 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;
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 that party 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 party may, at that party's option, treat the
contract as canceled or fix a reasonable price.
4. If, 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.