The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 9A V.S.A. § 2-305)
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§ 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 of 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 or her 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 or her option treat the contract
as cancelled or himself or herself 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.