---
title: O.C.G.A. § 11-2-305. Open price term.
collection: code
id: 11-2-305
cite_as: O.C.G.A. § 11-2-305 (2025)
canonical_url: https://georgiacommons.org/code/11-2-305
md_url: https://georgiacommons.org/code/11-2-305.md
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date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
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version: the only printed version
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current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: COMMERCIAL CODE / SALES / GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT
---

# O.C.G.A. § 11-2-305. 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 him 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 at his option treat the contract as canceled or himself 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

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).