Coca Cola offers to sell to Pepsi the recipe for a new flavor of canned soda that Coca Cola believes to be worth $20 million or more. Pepsi agrees to buy the recipe and the parties sign a written contract documenting the sale. Unfortunately for the lawyers (who were fired!), the price of the recipe was left out of the contract. Pepsi sues Coca Cola to enforce the sale. Does Pepsi win?

No, because the price is an essential term in contracts governed by common law.

No, because under the UCC contracts without a price are unenforceable.

Yes, because of the Merchant Exception under the Uniform Commercial Code.

Yes, because the Uniform Commercial Code permits open terms in contracts for the sale of goods.

Yes, the contract will be valid if a court can determine a reasonable price at the time for delivery