2 terms

Contracts Spring 2012

Statute of Frauds - Sale of Goods (UCC § 2-201)
A contract for the sale of goods for $500 or more is not enforceable unless there is some writing 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 his authorized agent or broker. The contract is not enforceable beyond the quantity of goods shown in such writing if it omits or incorrectly states a term agreed upon.
Statute of Frauds - Types of Contracts
1. Executor / Administrator Contracts
2. Suretyship Contracts
3. Made in Consideration of Marriage
4. Land Transactions
5. Where Performance Is to Occur > 1 yr after Agreement

1. Sale of Goods > $500
2. Sale of Securities
3. Sale of Personal Property not Otherwise Covered > $5,000