§ 2-305 — Open Price Term

New York § 2-305

• Jurisdiction: New York
• Law UCC: Uniform Commercial Code
• Part 3: General Obligation and Construction of Contract
• Art. 2: Sales

Text

Section 2--305. Open Price Term.\n (1) The parties if they so intend can conclude a contract for sale\neven though the price is not settled. In such a case the price is a\nreasonable price at the time for delivery if\n (a) nothing is said as to price; or\n (b) the price is left to be agreed by the parties and they fail\n to agree; or\n (c) the price is to be fixed in terms of some agreed market or\n other standard as set or recorded by a third person or agency\n and it is not so set or recorded.\n (2) A price to be fixed by the seller or by the buyer means a price\nfor him to fix in good faith.\n (3) When a price left to be fixed otherwise than by agreement of the\nparties fails to be fixed through fault of one party the other may at\nhis option treat the contract as cancelled or himself fix a reasonable\nprice.\n (4) Where, however, the parties intend not to be bound unless the\nprice be fixed or agreed and it is not fixed or agreed there is no\ncontract. In such a case the buyer must return any goods already\nreceived or if unable so to do must pay their reasonable value at the\ntime of delivery and the seller must return any portion of the price\npaid on account.\n