Legal Definition and Related Resources of Open Contract
Meaning of Open Contract
A contract where the parties , the subject matter of a contract and the consideration for the contract are ascertained, leaving the other terms to be implied by law. Thus an agreement for the sale of the entire output of a given commodity , with the quantity left indeterminate, is an open contract which is valid at law. See South West Dairy Products Co. v Coffee, (C.A.5. Tex.) 62 F.2d 174. The basis of the validity of open contracts is the maxim id certum esl quod certum reddi potest, i.e., that is certain which can be made certain. See Marsh v Brown-Crummer invest . Co., 138 Kan. 123, 23 P.2d 465. U. C. C. §2-204(3) provides: 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 .
Related Entries of Open Contract in the Encyclopedia of Law Project
Browse or run a search for Open Contract in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.
Open Contract in Historical Law
You might be interested in the historical meaning of this term. Browse or search for Open Contract in Historical Law in the Encyclopedia of Law.
Legal Abbreviations and Acronyms
Search for legal acronyms and/or abbreviations containing Open Contract in the Legal Abbreviations and Acronyms Dictionary.
Related Legal Terms
You might be also interested in these legal terms:
Mentioned in these terms
.
Leave a Reply