(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.
(Source: Laws 1961, p. 2101