A contract has an open price term if the agreement:
A) says nothing as to price.
B) provides that the parties shall agree later as to the price and they fail to so agree.
C) fixes the price in terms of some agreed market or other standard, as set by a third person or agency, and the price is not so set.
D) All of these.
E) None of these.

Question

Quizplus · Accepted Answer

All of these conditions describe scenarios where a contract has an open price term. This includes when the contract does not specify a price, when it states that the price will be determined later but then isn't, and when the price is supposed to be set according to a market or other standard but fails to be set.

A Contract Has an Open Price Term If the Agreement