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UCC Contracts QUESTION #5848
Question 1
A contract for the sale of goods does not specify a price. Is the contract void for indefiniteness?
  • Yes, price is an essential term that cannot be omitted.
  • No, the price will be a reasonable price at the time of delivery.✔️
  • No, the price will be the Seller's lowest listed price.
  • Yes, unless the parties are merchants.
Correct Answer Explanation
Under UCC §2-305, parties can conclude a contract even if the price is not settled; the court will determine a 'reasonable price' at the time of delivery.