Open Contract

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

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Open Contract in Historical Law

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Legal Abbreviations and Acronyms

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