Florida Statute 672.305 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 672
UNIFORM COMMERCIAL CODE: SALES

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F.S. 672.305

672.305 Open price term.—

(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:

(a) Nothing is said as to price; or

(b) The price is left to be agreed by the parties and they fail to agree; or

(c) 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 her or 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 her or his option treat the contract as canceled or herself 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.—s. 1, ch. 65-254; s. 560, ch. 97-102.

Note.—s. 2-305, U.C.C.

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Amendments to 672.305

Annotations, Discussions, Cases:

Cases Citing Statute 672.305

Total Results: 8

Jeetendra L. Shukla, Individually v. Bp Exploration & Oil, Inc., A.K.A. Bp Oil Company, Petro Distributing, Inc.

115 F.3d 849

Court of Appeals for the Eleventh Circuit | Filed: Aug 11, 1997 | Docket: 1972558

Cited 25 times | Published

price term open. See Fla.Stat.Ann. § 672.305 (1993). Further, Florida sales law allows open

Acosta v. District Bd. of Trustees

905 So. 2d 226, 2005 WL 1226069

District Court of Appeal of Florida | Filed: May 25, 2005 | Docket: 306650

Cited 14 times | Published

parties"); cf. 19A Fla. Stat. Ann. 218 (1993)(§ 672.305(2): "A price to be fixed... means a price ...

Payne v. Humana Hosp. Orange Park

661 So. 2d 1239, 1995 WL 598027

District Court of Appeal of Florida | Filed: Oct 12, 1995 | Docket: 1526372

Cited 13 times | Published

parties"); cf. 19A Fla. Stat. Ann. 218 (1993) (§ 672.305(2): "A price to be fixed by the seller or by the

Offices Togolais Des Phosphates v. Mulberry Phosphates, Inc.

62 F. Supp. 2d 1316, 41 U.C.C. Rep. Serv. 2d (West) 85, 1999 U.S. Dist. LEXIS 19211, 1999 WL 715893

District Court, M.D. Florida | Filed: Jul 7, 1999 | Docket: 2282701

Cited 8 times | Published

certain basis for giving an appropriate remedy. Section 672.305, Florida Statutes, provides: (1) The parties

Barnes v. Diamond Aircraft Industries, Inc.

499 F. Supp. 2d 1311, 63 U.C.C. Rep. Serv. 2d (West) 739, 2007 U.S. Dist. LEXIS 53672, 2007 WL 2155582

District Court, S.D. Florida | Filed: Jul 25, 2007 | Docket: 1484475

Cited 3 times | Published

standards of fair dealing in the trade." F.S.A. § 672.305; UCC § 2-103(1)(b). The Eleventh Circuit has recognized

Horowitch v. Diamond Aircraft Industries, Inc.

526 F. Supp. 2d 1236, 2007 U.S. Dist. LEXIS 68453, 2007 WL 2714094

District Court, M.D. Florida | Filed: Sep 17, 2007 | Docket: 804110

Cited 1 times | Published

implies a duty of good faith in fixing the price. § 672.305(2), Fla. Stat. In other words, an otherwise valid

United Food Mart, Inc. v. Motiva Enterprises, LLC

457 F. Supp. 2d 1329, 2005 U.S. Dist. LEXIS 34136, 2005 WL 4858676

District Court, S.D. Florida | Filed: Sep 29, 2005 | Docket: 2233486

Published

C. requires to be set in good faith. See id. § 672.305(2) ("A price to be fixed by the seller or by the

Shukla v. BP Exploration & Oil

Court of Appeals for the Eleventh Circuit | Filed: Jun 20, 1997 | Docket: 73913

Published

leaves the price term open. See Fla.Stat.Ann. § 672.305 (1993). Further, Florida sales law allows open