Okla. Stat. tit. 12A, § 12A-2-305
This is the official text of Okla. Stat. tit. 12A, § 12A-2-305, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Open Price Term
Official statutory text
(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
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 195
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 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.
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
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 195
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 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.
Status: in_force · Read it on the official government site
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