Agreement Price Order

• Category: Contracts - Sale of Goods
• State: Multi-State
• Control #: US-0781BG
• Format: Word; Rich Text

Description

Section 2-204 of the Uniform Commercial Code provides: (1) A contract for sale of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of such a contract. (2) An agreement sufficient to constitute a contract for sale may be found even though the moment of its making is undetermined. (3) Even though one or more terms are left open a contract for sale does not fail for indefiniteness if the parties have intended to make a contract and there is a reasonably certain basis for giving an appropriate remedy. Agreement for Sale of Goods with Adjustment in Purchase Price Pursuant to UCC 2-204 is a type of agreement entered into between a seller and a buyer for the sale of goods and the adjustment of the purchase price according to the Uniform Commercial Code (UCC) 2-204. This agreement is a binding contract of sale that outlines the terms and conditions of the sale of goods and requires the buyer to pay the price that is adjusted from the original purchase price. Under UCC 2-204, an adjustment to the purchase price can be made when the buyer receives a product that is different from what was expected or described. The adjustment can also be made if the buyer is not satisfied with the product or if the seller has failed to meet the terms of the contract. There are two types of Agreement for Sale of Goods with Adjustment in Purchase Price Pursuant to UCC 2-204: open-price adjustment and closed-price adjustment. Open-price adjustment is an agreement between the buyer and the seller wherein the purchase price is adjusted according to the market price of the goods at the time of sale. The seller and buyer agree to the terms of the adjustment prior to the sale and the price is adjusted after the sale. Closed-price adjustment is an agreement wherein the buyer and seller agree on a fixed price for the goods and the buyer pays the agreed upon price regardless of any changes in the market price. The seller is not obligated to make any adjustments to the purchase price, and the buyer is not entitled to any refunds or discounts. Both types of Agreement for Sale of Goods with Adjustment in Purchase Price Pursuant to UCC 2-204 require the buyer and seller to agree to the terms and conditions of the agreement in order for the agreement to be valid and binding.

Agreement for Sale of Goods with Adjustment in Purchase Price Pursuant to UCC 2-204 is a type of agreement entered into between a seller and a buyer for the sale of goods and the adjustment of the purchase price according to the Uniform Commercial Code (UCC) 2-204. This agreement is a binding contract of sale that outlines the terms and conditions of the sale of goods and requires the buyer to pay the price that is adjusted from the original purchase price. Under UCC 2-204, an adjustment to the purchase price can be made when the buyer receives a product that is different from what was expected or described. The adjustment can also be made if the buyer is not satisfied with the product or if the seller has failed to meet the terms of the contract. There are two types of Agreement for Sale of Goods with Adjustment in Purchase Price Pursuant to UCC 2-204: open-price adjustment and closed-price adjustment. Open-price adjustment is an agreement between the buyer and the seller wherein the purchase price is adjusted according to the market price of the goods at the time of sale. The seller and buyer agree to the terms of the adjustment prior to the sale and the price is adjusted after the sale. Closed-price adjustment is an agreement wherein the buyer and seller agree on a fixed price for the goods and the buyer pays the agreed upon price regardless of any changes in the market price. The seller is not obligated to make any adjustments to the purchase price, and the buyer is not entitled to any refunds or discounts. Both types of Agreement for Sale of Goods with Adjustment in Purchase Price Pursuant to UCC 2-204 require the buyer and seller to agree to the terms and conditions of the agreement in order for the agreement to be valid and binding.