Alaskan Seafood Enterprises Inc. ,a wholesaler of fresh fish,agrees with Red Lobster Inc.to sell 12 boxes of fresh-caught lobsters at 'market value.' The contract is unenforceable because the UCC requires a price for the goods.

Market Value

The estimated amount for which an asset or service would exchange between a willing buyer and seller in an arm's length transaction.

UCC

The Uniform Commercial Code, a set of laws that govern commercial transactions in the United States, intended to standardize regulations across the states.

Wholesaler

A type of intermediary in the distribution channel that purchases goods in large quantities from manufacturers or importers and sells them to retailers or other businesses.