§ 25-2-305. Open price term. - North Carolina Statutes

§25‑2‑305.  Open price term.

(1)        The parties if theyso intend can conclude a contract for sale even though the price is notsettled. In such a case the price is a reasonable price at the time fordelivery if

(a)        nothing is said asto price; or

(b)        the price is left tobe agreed by the parties and they fail to agree; or

(c)        the price is to befixed in terms of some agreed market or other standard as set or recorded by athird person or agency and it is not so set or recorded.

(2)        A price to be fixedby the seller or by the buyer means a price for him to fix in good faith.

(3)        When a price leftto be fixed otherwise than by agreement of the parties fails to be fixedthrough fault of one party the other may at his option treat the contract ascancelled or himself fix a reasonable price.

(4)        Where, however, theparties intend not to be bound unless the price be fixed or agreed and it isnot fixed or agreed there is no contract. In such a case the buyer must returnany goods already received or if unable so to do must pay their reasonablevalue at the time of delivery and the seller must return any portion of theprice paid on account. (1965, c. 700, s. 1.)