{"data":{"id":"us-ky/krs-355.2-305","jurisdiction":"us-ky","citation":"KRS 355.2-305","heading":"Open price term.","body":"(1) The parties if they so intend can conclude a contract for sale even though the price\nis not settled. In such a case the price is a reasonable price at the time for delivery if\n(a) nothing is said as to price; or\n(b) the price is left to be agreed by the parties and they fail to agree; or\n(c) the price is to be fixed in terms of some agreed market or other standard as set\nor recorded by a third person or agency and it is not so set or recorded.\n(2) A price to be fixed by the seller or by the buyer means a price for him to fix in good\nfaith.\n(3) When a price left to be fixed otherwise than by agreement of the parties fails to be\nfixed through fault of one party the other may at his option treat the contract as\ncanceled or himself fix a reasonable price.\n(4) Where, however, the parties intend not to be bound unless the price be fixed or\nagreed and it is not fixed or agreed there is no contract. In such a case the buyer\nmust return any goods already received or if unable so to do must pay their\nreasonable value at the time of delivery and the seller must return any portion of the\nprice paid on account.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33265","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:41Z","sha256":"e8b8e830a6ad310f553e9fc9f9c09dfaebef2b49d973c7cf99d6ae48686c980e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.2-304","next":"us-ky/krs-355.2-306"},"notice":"GroundRules: Original legal text. Not legal advice."}