Texas Business & Commerce Code - Section 2.305. Open Price Term
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Texas Laws > Business & Commerce Code > Texas Business & Commerce Code - Section 2.305. Open Price Term
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§ 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
(1) nothing is said as to price; or
(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) 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
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.
Acts 1967, 60th Leg., p. 2343, ch. 785, § 1, eff. Sept. 1, 1967.
Last modified: August 11, 2007