Find Laws Find Lawyers Free Legal Forms USA State Laws

NEW JERSEY STATUTES AND CODES

12A:2-305 - Open price term

12A:2-305.  Open price term
    (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.1961, c. 120, s. 2-305.
 

New Jersey Forms by Issue

New Jersey Court Forms
> Civil (County)
New Jersey Family Forms
New Jersey Tax Forms

New Jersey Law

New Jersey State Laws
    > New Jersey Child Support
    > New Jersey Statutes
New Jersey Tax
    > New Jersey State Tax
New Jersey Labor Laws
    > New Jersey Unemployment
New Jersey Agencies
    > New Jersey Department of Corrections
    > New Jersey Department of Education
    > New Jersey DMV
    > New Jersey State Police

New Jersey Court Map

Tips