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 the above.
E)None of the above.

Question

Quizplus · Accepted Answer

An open price term can occur if the agreement does not mention the price (Option A), if the parties agree to determine the price at a later time but fail to do so (Option B), or if the contract includes a provision that sets the price based on a third party or some other agreed-upon standard, but that price is not set (Option C). Therefore, all of the choices are correct.

A Contract Has an Open Price Term If the Agreement