12.01.050 Price

(a) The price of goods may be fixed by the contract, or may be left to be fixed in such manner as may be agreed, or it may be determined by the course of dealing between the parties.

(b) The price can be made payable in money or in any other personal or real property as agreed. If all or part of the price is payable in an interest in realty the transfer of goods and the seller's obligations with reference to them are subject to this Code, but not the transfer of the interest in realty of the transferor's obligations in connection therewith.

(c) If the price is not settled at the time of contracting, the price is a reasonable price at the time for delivery if:

(1) Nothing is said as to price; or

(2) The price is left to be agreed by the parties and they fail to agree; or

(3) 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.

(d) A price to be fixed by the seller or by the buyer means a price for him to fix in good faith.

(e) When a price left to be fixed otherwise than by agreement of the parties fails to be fixed through fault of one (1) party, the other may at his option treat the contract as cancelled or himself fix a reasonable price.

(f) 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.