§490:2-305  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.
[L 1965, c 208, §2-305; HRS §490:2-305]