N.D. Cent. Code § 41-02-22
(2-305) Open price term
Redline — December 1, 2021 → current.View current text →
Current — January 1, 2022
As of December 1, 2021
(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: Nothing is said as to price;
(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: Nothing is said as to price;
(2) The price is left to be agreed by the parties and they fail to agree; or
(2) The price is left to be agreed by the parties and they fail to agree; or
(3) 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.
(3) 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.
(4) A price to be fixed by the seller or by the buyer means a price for that party to fix in good faith.
(4) A price to be fixed by the seller or by the buyer means a price for that party to fix in good faith.
(5) 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 party may, at that party’s option, treat the contract as canceled or fix a reasonable price.
(5) 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 party may, at that party’s option, treat the contract as canceled or fix a reasonable price.
(6) If, 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.
(6) If, 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.
(7) Under subsection (3), wrongful interference by one party with any agreed machinery for price fixing in the contract may be treated by the other party as a repudiation justifying cancellation, or merely as a failure to take cooperative action thus shifting to the aggrieved party the reasonable leeway in fixing the price.
(8) Throughout the entire section, the purpose is to give effect to the agreement which has been made. That effect, however, is always conditioned by the requirement of good faith action which is made an inherent part of all contracts within this Act. (Section 1-203).
Official source: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.