Selected Cases by Article & Issues
(1) Where a contract does not fix or make provision for determining the price, the parties are considered, in the absence of any indication to the contrary, to have made reference to the price generally charged at the time of the conclusion of the contract for such performance in comparable circumstances in the trade concerned or, if no such price is available, to a reasonable price.
(2) Where the price is to be determined by one party and that determination is manifestly unreasonable, a reasonable price shall be substituted notwithstanding any contract term to the contrary.
(3) Where the price is to be fixed by one party or a third person, and that party or third person does not do so, the price shall be a reasonable price.
(4) Where the price is to be fixed by ref-erence to factors which do not exist or have ceased to exist or to be accessible, the nearest equivalent factor shall be treated as a substitute.
| Number | Issue | # Cases |
|---|---|---|
| 1 | Price not determined nor determinable from contract | |
| 1.1 | Price generally charged at time of conclusion of contract for performane of same type | 2 |
| 1.2 | Reasonable price | |
| 2 | Determination of price by one party | 1 |
| 2.1 | Determination manifestly unreasonable | 1 |
| 2.1.1 | Replacement by reasonable price | |
| 3 | Determination of price by third person | |
| 3.1 | Third person does not accomplish its mission | |
| 3.1.1 | Recourse to reasonable price | |
| 4 | Determination of price by reference to external factors | |
| 4.1 | External factors inexistent | |
| 4.1.1 | Recourse to nearest equivalent factors |