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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 2. · Article 2. SALES · Part 3. GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

11-2-305. Open price term.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (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:#

    1. (a)

      Nothing is said as to price; or#

    2. (b)

      The price is left to be agreed by the parties and they fail to agree; or#

    3. (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. (2)

    A price to be fixed by the seller or by the buyer means a price for him to fix in good faith.#

  3. (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 at his option treat the contract as canceled or himself fix a reasonable price.#

  4. (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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1933, § 109A-2-305, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 2002, p. 415, § 11.

Law reviews

For article, “Contract Litigation and the Elite Bar in New York City, 1960-1980,” see 39 Emory L.J. 413 (1990).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, pages 99 to 100; merge action: carried; file SHA-256 ad397fccbf21.