§ 34.1-2-305 — Open price term

(a) 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:
(i) Nothing is said as to price; or
(ii) The price is left to be agreed by the parties
and they fail to agree; or
(iii) 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.
(b) A price to be fixed by the seller or by the buyer
means a price for him to fix in good faith.
(c) 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
cancelled or himself fix a reasonable price.
(d) 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.