According to the gap-filling rule, if a sales contract does not contain a specific price, ________.
A) the contract has to be redrafted to include a price
B) the contract is considered void due to indefiniteness
C) the contract can be enforced by either party by fixing an open term price
D) the contract cannot be enforced upon the buyer

Question

Quizplus · Accepted Answer

The gap-filling rule allows either party to enforce the contract by fixing an open term price if the contract does not contain a specific price. This is known as the principle of reasonable price, and it allows the court to fill in missing terms in a contract if both parties intended to create a contract but were unable to reach an agreement on certain terms. Therefore, option C is the correct answer. Options A, B, and D are all incorrect as they do not accurately reflect the gap-filling rule.

According to the Gap-Filling Rule, If a Sales Contract Does