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 these.
E) None of these.

Question

Quizplus · Accepted Answer

A contract has an open price term if it either says nothing about the price, leaves the price to be agreed upon later without agreement, or relies on a third party to set the price which is not done.

A Contract Has an Open Price Term If the Agreement