New Jersey § 12a:2-305
Full text of New Jersey New Jersey Statutes § 12a:2-305, with citation guidance and answers to common questions.
§ 12a: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.
Frequently Asked Questions About New Jersey § 12a:2-305
What does New Jersey Statutes § 12a:2-305 cover?
Section 12a:2-305 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 12a:2-305?
A common citation format is "New Jersey Statutes § 12a:2-305" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:2-305 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.