Ark. Code Ann. » Title 4 Chapter 02
Arkansas Code Annotated

Ark. Code Ann. § 4-2-305 (2026)

Open price term

✓ current as of May 2026
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  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
    1. nothing is said as to price; 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.
  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.

History. Acts 1961, No. 185, § 2-305; A.S.A. 1947, § 85-2-305.

Case Notes

Good Faith.

The oil company did not act in bad faith when it introduced the cap on its rebate program, where its posted price, offered to all its distributors nationwide, satisfied subsection (2) of this section, and the distributor was free to buy from others if the oil company would not match prices offered by these other sellers, while the oil company was bound to fill the distributor's requirements whenever it so demanded. Richard Short Oil Co. v. Texaco, Inc., 799 F.2d 415 (8th Cir. 1986).

Notes of Decisions
Cited in 1 case, 2013–2013 · leading case: J.D. Fields & Co. v. Nucor-Yamato Steel, 976 F. Supp. 2d 1051 (E.D. Ark. 2013).
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J.D. Fields & Co. v. Nucor-Yamato Steel, 976 F. Supp. 2d 1051 (E.D. Ark. 2013). · cites it 4× “” Ark.Code Ann. § 4-2-305 cmt. 3; see id., cmt.”
— Ark. Code Ann. § 4-2-305(2) — 1 case
J.D. Fields & Co. v. Nucor-Yamato Steel, 976 F. Supp. 2d 1051 (E.D. Ark. 2013). “” Ark.Code Ann. § 4-2-305 cmt. 3; see id., cmt.”
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