A buyer and a seller discuss terms and conditions to finally arrive at a delivery of 500 units of a particular product, but the two parties are in disagreement on the price to be paid for the product. With reference to the article, pursuant to the UCC’s open term provisions, which of the following will indicate the price, in the event, that the parties proceed with the contract

Question

18-06-2024
Law

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A buyer and a seller discuss terms and conditions to finally arrive at a delivery of 500 units of a particular product, but the two parties are in disagreement on the price to be paid for the product. With reference to the article, pursuant to the UCC’s open term provisions, which of the following will indicate the price, in the event, that the parties proceed with the contract

Answer :

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ShadowClaw289 ShadowClaw289 · Answer 1 · 2024-06-18T13:44:39-04:00

Answer: Under the Uniform Commercial Code (UCC), specifically under its open term provisions, if the parties proceed with the contract without agreeing on a specific price, the price to be paid can be determined in several ways:

1. **Reasonable Price at the Time of Delivery**: According to UCC § 2-305(1)(b), if the parties do not settle on a price, the price will be a reasonable price at the time for delivery. This is often interpreted as the market price of the goods at the time of delivery.

2. **Price Fixed by One of the Parties**: Per UCC § 2-305(1)(c), if one party is given the right to fix the price but fails to do so, the other party may treat the contract as canceled or fix a reasonable price themselves.

3. **Price to be Fixed by Market or Third Party**: As outlined in UCC § 2-305(1)(a), if the price is to be determined based on a standard, such as a market rate or by a third party or agency, and it is not set or recorded, then a reasonable price at the time of delivery would apply.

Given these provisions, the most likely answer is:

**A reasonable price at the time for delivery**.

This means that if the buyer and seller proceed with the contract without agreeing on a specific price, the UCC provides that the price will be what is considered reasonable at the time the goods are delivered, usually interpreted as the prevailing market price for such goods at that time.