California Codes, Civil Code - CIV, Division 3 — Obligations, Part 2 — Contracts, Title 1 — Nature of a Contract, Chapter 5 — Consideration, Section 1610
When a consideration is executory, it is not indispensable that the contract should specify its amount or the means of ascertaining it. It may be left to the decision of a third person, or regulated by any specified standard.
Notes
Allows an executory consideration to remain unspecified in amount and without stated means of calculation. The contract may leave the amount to a third person’s decision or regulate it by a specified standard, so an executory consideration need not be numerically fixed when the contract is formed.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 1610 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-2/title-1/chapter-5/section-1610