Art 6:104: Determination of Price

Abstract

Art 6:104 provides, first and foremost, that a contract is not unenforceable for lack of certainty if the parties do not ‘fix the price or the method of determiningit’. The provision is thus meant — as are the following Art 6:105 and 6:106 — to ‘save’ contracts in cases in which there is ‘no doubt that the parties intended to be bound by the contract’. While all European legal systems require a certain degree of certainty to render a contractual term enforceable, national legal orders differ with respect to what are considered essential elements without which a contract cannot ‘exist’ and the degree of certainty required of the agreement in this regard.

Keywords: Price terms, open terms, uncertainty, determination of price, gap-filling, contract

JEL Classification: K10, K12