Authors : Farzaneh Akrami, Sakina Shaik Ahmad Yusoff and Suzanna Mohamed Isa
Abstract: Traditionally, it was a vital rule for the contractors to specify the amount of the price of the goods in their sale contract. Yet, it did not last for long; time passed and new circumstances arrived. New necessities and needs of humankind occurred. The need to provide the compatibility of the rules with the new circumstances caused changes. Thus, the concept of open price term was created. It was a true revolution, as it acted against the traditional rule of a sale contract. Yet it was a rational, necessary and beneficial change. However, new changes need to be properly guided on the correct path via good regulations on them. Since, the establishment of the rules of an open price term in a contract of sale of goods, they were rarely amended and reviewed in order to remove the shortcomings. Thus, through a doctrinal type of research and a comparative, analytical and critical approach to the issue, a library based study has been performed in order to highlight the salient aspects of the open price provisions in uniform commercial code and UK Sale of Goods Act (1979) in order to highlight points that could be amended.
Farzaneh Akrami, Sakina Shaik Ahmad Yusoff and Suzanna Mohamed Isa, 2014. A Comparative Review of Open Price Term in Uniform Commercial Code and the Sale of Goods Act 1979. The Social Sciences, 9: 442-449.