Themis Contracts Practice Exam

When the price term is left open, the UCC allows the contract to be enforced by filling that gap with a reasonable price at the time of delivery. This means the price is determined by what a reasonable market price would be for the goods on the delivery date, reflecting actual market conditions rather than a past history or a seller’s preferred figure. It isn’t tied to the buyer’s purchase history, nor to choosing the seller’s most favorable price or averaging the seller’s listed prices. So the price the court will fix is whatever would be considered a reasonable price at the time of delivery.