Contract price
Topic: Finance
From HandWiki - Reading time: 1 min
A contract price is the price listed in the contract for the good or services to be received in return.
Contract law
Common law
In contract law the contract price is a material term. The contract price is the price for the goods or services to be received in the contract. The contract price helps to determine whether a contract may exist. If the contract price is not included in the written contract, then upon litigation the court may hold that a contract did not exist.
In litigation, the contract price is a factor for determining damages upon a party forsaking its contractual obligations. The contract price as a point of reference may help determine the expectancy interest of the party suffering damages as well as the reliance interest along with damages under promissory estoppel.
See also
- Contract
- Uniform Commercial Code
- Spot price
References
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