open price term

open price term
The parties if they so intend can conclude a contract for sale even though the price is not settled. In such a case the price is a reasonable price at the time for delivery if:
(a) nothing is said as to price; or
(b) the price is left to be agreed by the parties and they fail to agree; or
(c) the price is to be fixed in terms of some agreed market or other standard as set or recorded by a third person or agency and it is not so set or recorded. U.C.C. No. 2-305

Black's law dictionary. . 1990.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • price — The cost at which something is obtained. Something which one ordinarily accepts voluntarily in exchange for something else. The consideration given for the purchase of a thing. Amount which a prospective seller indicates as the sum for which he… …   Black's law dictionary

  • term — A word or phrase; an expression; particularly one which possesses a fixed and known meaning in some science, art, or profession. A fixed and definite period of time; implying a period of time with some definite termination. First Citizens Bank &… …   Black's law dictionary

  • Open interest — (also known as open contracts or open commitments) refers to the total number of derivative contracts, like futures and options, that have not been settled in the immediately previous time period for a specific underlying security. A large open… …   Wikipedia

  • Open source software — (OSS) began as a marketing campaign for free software [cite web archiveurl=http://web.archive.org/web/20060423094434/www.opensource.org/advocacy/faq.html title=Frequently Asked Questions |publisher=Open Source Initiative archivedate=2006 04 23… …   Wikipedia

  • Price Daniel, Jr. — Price Daniel Jr. Speaker of the Texas House of Representatives In office 1973–1975 Preceded by Rayford Price Succeeded by Bill W. Clayton Texas State Representa …   Wikipedia

  • Price Daniel — as a United States Senator. Associate Justice, Texas Supreme Court In office January 1971 – December 1978 Nationa …   Wikipedia

  • Open-source intelligence — (OSINT) is a form of intelligence collection management that involves finding, selecting, and acquiring information from publicly available sources and analyzing it to produce actionable intelligence. In the intelligence community (IC), the term… …   Wikipedia

  • Open source hardware — refers to computer and electronic hardware that is designed in the same fashion as free and open source software. Open source hardware is part of the open source culture that takes the open source ideas to fields other than software. An example… …   Wikipedia

  • open market value — In the context of property transactions, the best price that might reasonably be expected for property, or an interest in property, from an unconnected third party on a certain date. A valuer would normally base such a valuation on an average of… …   Law dictionary

  • Open source — This article is about the production and development model. For its application to software, see Open source software. For the form of intelligence collection management, see Open source intelligence. For other uses, see Open source… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”