Can a contract be formed under the Uniform Commercial Code if the contract is missing a...
- Can a contract be formed under the Uniform Commercial Code if the contract is missing a price term (open price term) or if the contract is missing the place the good/s will be delivered (open delivery term)? Explain these two (2) (open price term and open delivery term) in detail and give a real world example of how these (2) (open price term and open delivery term) work.
Homework Answers
The Uniform Commercial code (UCC) permits enforcement of contracts with open or missing items, provided certain criteria is met. There is an option called "Gap fillers". When the terms are not definite, they are left open, to be filled later, when they become definite. These new terms, will become a part of the contract, upon acceptance from both the parties involved. Quantity is the criteria which is must, other than that price, delivery, warranty etc can be filled in later.
Open price term -
As per UCC, a contract can be formed even without price mentioned.
1. It is a reasonable price, if price is not mentioned or fail to arrive at a consensus, or price is yet to be set based on market standards.
2. Seller or buyer can fix the price in good faith.
3. When the price is not fixed in agreement and fails to fix it otherwise due to one party's fault. The other party can cancel the contract or set a reasonable price himself.
4. If the parties choose not to bind themselves until price is set and if they fail to set it, the contract deems void and buyer has to return the goods, if received or pay reasonable price for the goods.
Open delivery term -If the delivery terms are not specified, then the delivery will happen at the seller's place of business or residence or the storage place of goods, if the buyer knows the place. If the delivery time is not specified, it has to be carried out within a reasonable time.
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