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Open price term - 13 Pa. Cons. Stat. § 2305

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     § 2305.  Open price term.
        (a)  General rule.--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:
            (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 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)  Price to be fixed by party.--A price to be fixed by the
     seller or by the buyer means a price for him to fix in good
     faith.
        (c)  Price not fixed through fault of party.--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.
        (d)  Intent not to be bound without established price.--
     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.

Last modified: November 27, 2007