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[1] The parties if they so intend can conclude a contract for saleeven though the price is not settled. In such a case the price is a reasonable price at the time for delivery if [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 contractas 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 sellermust return any portion of the price paid on account.
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journal article
Columbia Law Review
Vol. 103, No. 1 [Jan., 2003]
, pp. 50-73 [24 pages]
Published By: Columbia Law Review Association, Inc.
//doi.org/10.2307/1123702
//www.jstor.org/stable/1123702
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Abstract
Historically, all contracts with open or missing terms were found void for indefiniteness unless there was partial performance. The Uniform Commercial Code [U.C.C. or Code] departed from the common law and permitted the enforcement of sale-of-goods contracts with open or missing terms, provided that certain requirements were met. Today, the treatment of open- and missing-term contracts in the service context is inconsistent: Some jurisdictions apply the traditional common-law doctrine to hold such contracts invalid for indefiniteness, while others apply the U.C.C. analysis to hold such contracts enforceable. This Note considers the arguments supporting both the traditional common-law rule and modern U.C.C. approach. It argues that in light of modern commercial reality, the courts should apply the U.C.C. analysis to both sale-of-goods and service contracts. This unified approach would eliminate confusion in the current state of law and promote flexibility in commercial transactions for both goods and services.
Journal Information
Founded in 1901, the Columbia Law Review is a leader in legal scholarship in the United States and around the world. The Review is an independent nonprofit corporation edited and published entirely by students at Columbia Law School. Published eight times a year, the Review is the third most widely distributed and cited law review in the country, receiving close to 1,500 submissions yearly from which approximately 25 manuscripts are chosen for publication.
Publisher Information
The Columbia Law Review is one of the world’s leading publications of legal scholarship. Founded in 1901, the Review is an independent nonprofit corporation that produces a law journal edited and published entirely by students at Columbia Law School.
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Columbia Law Review © 2003 Columbia Law Review Association, Inc.
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