2010 New York Code
UCC - Uniform Commercial Code
Article 2 - SALES
Part 3 - (2-301 - 2-328) GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT
2-305 - Open Price Term.

Section 2--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 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.