8.2-305 - Open price term. - Virginia Statutes

§ 8.2-305. Open price term.

(1) The parties if they so intend can conclude a contract for sale eventhough the price is not settled. In such a case the price is a reasonableprice 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 standardas set or recorded by a third person or agency and it is not so set orrecorded.

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

(3) When a price left to be fixed otherwise than by agreement of the partiesfails to be fixed through fault of one party the other may at his optiontreat the contract as cancelled or himself fix a reasonable price.

(4) Where, however, the parties intend not to be bound unless the price befixed or agreed and it is not fixed or agreed there is no contract. In such acase the buyer must return any goods already received or if unable so to domust pay their reasonable value at the time of delivery and the seller mustreturn any portion of the price paid on account.

(1964, c. 219.)