(810 ILCS 5/2-305)
(from Ch. 26, par. 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
(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.
(Source: Laws 1961, p. 2101.)