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United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 11, § 2-305: Open price term

Parties may make a sales contract even if the price is unsettled; if the price is not fixed, the law supplies a reasonable price in the stated cases.

Source excerpt

contract formationgood faithprice termsreasonable price
Jurisdiction
United States — Maine
Structure
1 provisions
Dates
Source version 1 Oct 2025
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01

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“Parties may make a sales contract even if the price is unsettled; if the price is not fixed, the law supplies a reasonable price in the stated cases.”

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  1. 01

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Open price term

Parties may make a sales contract even if the price is unsettled; if the price is not fixed, the law supplies a reasonable price in the stated cases.

Section 2-305

04

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Source record from legislature.maine.gov · Source version 1 Oct 2025

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Part 3

part 3 GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

§ 2-305Open price termProvision

Source excerpt

Parties may make a sales contract even if the price is unsettled; if the price is not fixed, the law supplies a reasonable price in the stated cases.

(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 cancelled 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.
Section 2-305Verify source

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  • 1 Oct 2025 · currentEnglish

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