Omni Metals Company and Piecework Fabrication,Inc.,enter into a contract under which Omni agrees to deliver a certain quantity of sheet metal to Piecework each month. The contract does not include a price term. In a suit between the parties over the price,a court will
A)determine a reasonable price.
B)impose the lowest market price.
C)impose the highest market price.
D)return the parties to the positions they held before the contract.

Question

Quizplus · Accepted Answer

Since the contract does not include a price term, the court will have to determine a reasonable price based on the circumstances of the case. This may involve considering market prices, but it ultimately relies on the court's determination of what is a fair and reasonable price under the circumstances.