§ 1-207 — Statute of Frauds for Kinds of Personal Property Not Otherwise Covered

New York § 1-207

• Jurisdiction: New York
• Law UCC: Uniform Commercial Code
• Part 2: General Definitions and Principles of Interpretation
• Art. 1: No title

Text

Section 1--207. Statute of Frauds for Kinds of Personal Property Not\nOtherwise Covered.\n (a) Except in the cases described in subsection (b) of this section a\ncontract for the sale of personal property is not enforceable by way of\naction or defense beyond five thousand dollars in amount or value of\nremedy unless there is some writing which indicates that a contract for\nsale has been made between the parties at a defined or stated price,\nreasonably identifies the subject matter, and is signed by the party\nagainst whom enforcement is sought or by his authorized agent.\n (b) Subsection (a) of this section does not apply to contracts for the\nsale of goods (Section 2--201) nor of securities (Section 8--113) nor to\nsecurity agreements (Section 9--203).\n (c) Subsection (a) of this section does not apply to a qualified\nfinancial contract as that term is defined in paragraph two of\nsubdivision b of section 5-701 of the general obligations law if either\n(1) there is, as provided in paragraph three of subdivision b of section\n5-701 of such law, sufficient evidence to indicate that a contract has\nbeen made or (2) the parties thereto, by means of a prior or subsequent\nwritten contract, have agreed to be bound by the terms of such qualified\nfinancial contract from the time they reach agreement (by telephone, by\nexchange of electronic messages, or otherwise) on those terms.\n