Missouri Revised Statutes













Chapter 400

Uniform Commercial Code

←400.02-304

Section 400.2-305.1

400.02-306→

August 28, 2015

Open price term.

400.2-305. (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 party the other may at his

option treat the contract as cancelled 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.



(L. 1963 p. 503 § 2-305)







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