Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
336.2-305 OPEN PRICE TERM.
(1) 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.
(2) A price to be fixed by the seller or by the buyer means a price for the fixer to fix in
good faith.
(3) When a price left to be fixed otherwise than by agreement of the parties fails to be fixed
through fault of one party the other may either treat the contract as canceled or fix a reasonable
price.
(4) Where, however, the parties intend not to be bound unless the price be fixed or agreed
and it is not fixed or agreed there is no contract. In such a case the buyer must return any goods
already received or if unable so to do must pay their reasonable value at the time of delivery and
the seller must return any portion of the price paid on account.
History: 1965 c 811 s 336.2-305; 1986 c 444
(1) 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.
(2) A price to be fixed by the seller or by the buyer means a price for the fixer to fix in
good faith.
(3) When a price left to be fixed otherwise than by agreement of the parties fails to be fixed
through fault of one party the other may either treat the contract as canceled or fix a reasonable
price.
(4) Where, however, the parties intend not to be bound unless the price be fixed or agreed
and it is not fixed or agreed there is no contract. In such a case the buyer must return any goods
already received or if unable so to do must pay their reasonable value at the time of delivery and
the seller must return any portion of the price paid on account.
History: 1965 c 811 s 336.2-305; 1986 c 444
Official Publication of the State of Minnesota
Revisor of Statutes