To simplify,clarify,and modernize the law governing commercial transactions,the UCC permits the use of "open terms" in sales contracts.In the use of "open terms," which of the following is TRUE?
A)The court will use market value and other comparable sales to determine what a reasonable price would have been at the time of delivery if the parties have not settled the price in the contract.
B)If time of payment is not mentioned in the contract, payment within a commercially reasonable time is presumed.
C)If the contract permits the buyer or seller to determine the price during contract performance, the UCC requires the party to do so in good faith.
D)All of the above are true.

Question

Quizplus · Accepted Answer

All of the options mentioned are true regarding the use of "open terms" in sales contracts under the UCC. The court can use market value and comparable sales to determine a reasonable price if not mentioned in the contract, payment within a commercially reasonable time is assumed if payment terms are not mentioned, and parties are required to determine the price in good faith if left open for determination during contract performance.

To Simplify,clarify,and Modernize the Law Governing Commercial Transactions,the UCC Permits