                                 CODE OF VIRGINIA

OPEN PRICE TERM (§ 8.2-305)

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.

HISTORY: 1964, c. 219.