§ 6A-2-305 - Open price term. - Rhode Island Statutes

SECTION 6A-2-305

   § 6A-2-305  Open price term. – (1) The parties if they so intend can conclude a contract for sale even thoughthe price is not settled. In such a case the price is a reasonable price at thetime for delivery if:

   (a) Nothing is said as to price; or

   (b) The price is left to be agreed by the parties and theyfail to agree; or

   (c) The price is to be fixed in terms of some agreed marketor other standard as set or recorded by a third person or agency and it is notso set or recorded.

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

   (3) When a price left to be fixed otherwise than by agreementof the parties fails to be fixed through fault of one party the other may, athis or her option, treat the contract as cancelled or him or herself fix areasonable price.

   (4) Where, however, the parties intend not to be bound unlessthe price be fixed or agreed and it is not fixed or agreed there is nocontract. In such a case the buyer must return any goods already received or ifunable so to do must pay their reasonable value at the time of delivery, andthe seller must return any portion of the price paid on account.