Question

3 multiple choice 20 points which is the following is true regarding an open price term? it makes the contract unenforceable. the price may be fixed by the seller. the price is reasonable price at the time of delivery. the price is set by the buyer.

Explanation:

Under the Uniform Commercial Code (UCC), when a contract has an open - price term, the price is generally a'reasonable' price at the time of delivery. A contract with an open - price term is not unenforceable. Neither the seller nor the buyer unilaterally sets the price in the case of an open - price term.

Answer:

The price is'reasonable' price at the time of delivery.