§ 26-1-2-201 — Formal requirements; statute of frauds

Indiana § 26-1-2-201

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 2: Sales

Text

(1) Except as otherwise provided in this
section, a contract for the sale of goods for the price of five hundred
dollars ($500) or more is not enforceable by way of action or defense
unless there is a record sufficient to indicate that a contract for sale has
been made between the parties and signed by the party against whom
enforcement is sought or by the party's authorized agent or broker. A
record is not insufficient because it omits or incorrectly states a term
agreed upon, but the contract is not enforceable under this section
beyond the quantity of goods shown in the record.
(2) Between merchants, if within a reasonable time a record in
confirmation of the contract and sufficiently against the sender is
received and the party receiving it has reason to know its contents, it
satisfies the requirements of subsection (1) against the party unless
notice in a record of objection to its contents is given within ten (10)
days after it is received.
(3) A contract which does not satisfy the requirements of subsection
(1) but which is valid in other respects is enforceable:
(a) if the goods are to be specially manufactured for the buyer and
are not suitable for sale to others in the ordinary course of the
seller's business and the seller, before notice of repudiation is
received and under circumstances which reasonably indicate that
the goods are for the buyer, has made either a substantial
beginning of their manufacture or commitments for their
procurement; or
(b) if the party against whom enforcement is sought admits in his
pleading, testimony, or otherwise in court that a contract for sale
was made, but the contract is not enforceable under this provision
beyond the quantity of goods admitted; or
(c) with respect to goods for which payment has been made and
accepted or which have been received and accepted (IC 26-1-2-606).
Formerly: Acts 1963, c.317, s.2-201. As amended by
P.L.152-1986, SEC.125; P.L.199-2023, SEC.5.