Section 45.02.305. Open price term.

   (a) The parties if they so intend can conclude a contract for sale even though the price is not settled.  In this case the price is a reasonable price at the time for delivery if
        (1) nothing is said as to price;
        (2) the price is left to be agreed by the parties and they fail to agree; or
        (3) the price is to be fixed in terms of an 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 the party to fix in good faith.
   (c) If 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 has the option to treat the contract as cancelled or fix a reasonable price.
   (d) If, however, the parties intend not to be bound unless the price is fixed or agreed and it is not fixed or agreed, there is no contract.  In this case the buyer must return 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.

Notes

History

(Sec. 2.305 ch 114 SLA 1962)