Section 1–207. Statute of Frauds for Kinds of Personal Property Not Otherwise Covered.

Terms Used In N.Y. Uniform Commercial Code 1-207

  • Contract: A legal written agreement that becomes binding when signed.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Personal property: All property that is not real property.
  • Statute: A law passed by a legislature.

(a) Except in the cases described in subsection (b) of this section a contract for the sale of personal property is not enforceable by way of action or defense beyond five thousand dollars in amount or value of remedy unless there is some writing which indicates that a contract for sale has been made between the parties at a defined or stated price, reasonably identifies the subject matter, and is signed by the party against whom enforcement is sought or by his authorized agent.

(b) Subsection (a) of this section does not apply to contracts for the sale of goods (Section 2–201) nor of securities (Section 8–113) nor to security agreements (Section 9–203).

(c) Subsection (a) of this section does not apply to a qualified financial contract as that term is defined in paragraph two of subdivision b of section 5-701 of the general obligations law if either (1) there is, as provided in paragraph three of subdivision b of section 5-701 of such law, sufficient evidence to indicate that a contract has been made or (2) the parties thereto, by means of a prior or subsequent written contract, have agreed to be bound by the terms of such qualified financial contract from the time they reach agreement (by telephone, by exchange of electronic messages, or otherwise) on those terms.