Question

Austin has a contract to sell 500 homemade teddy bears to Ally. The teddy bears typically sell for between $25 and $40. Austin delivers the bears to Ally but she refuses to pay, saying she changed her mind and that the contract is not valid because it is missing the price term. Did the price need to be specified in order for this contract to be valid?

Answer 1

No, price need not be in the contract for the sale of goods under the Uniform Commercial Code, so long as the quantity is specified.