Mississippi Code
Miss. Code Ann. § 75-2-305 (2026)
Open price term
✓ current as of July 2026
- (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 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.
Codes, 1942, § 41A:2-305; Laws, 1966, ch. 316, § 2-305, eff. 3/31/1968.
Notes of Decisions
Cited in 2
cases, 1980–1986 · leading case: Alabama Great S. R. Co. v. McVay, 381 So. 2d 607 (Miss. 1980).
Alabama Great S. R. Co. v. McVay, 381 So. 2d 607 (Miss. 1980). “Miss. Code Ann. § 75-2-305 (1) (1972); Squillante & Fonseca, supra at § 9-2.”
Explo, Inc. v. S. Nat. Gas Co., 788 F.2d 1096 (5th Cir. 1986). “Southern, pursuant to the open price provision of Miss. Code Ann. § 75-2-305 (1981), reduced the price paid to a “reasonable price.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.