ASSIGNMENT 13

Statute: Section 2-201, Statute of FraudsThe following statute is a section of the Commercial Code Sales Act adopted by the state legislature.A contract for the sale of goods for the price of$500 or more is not enforceable by way of actionor defense unless there is some writing sufficientto indicate that a contract for sale has been madebetween the parties and signed by the party againstwhom enforcement is sought or by the party's authorized agent or broker. A writing is not insufficientbecause it omits or incorrectly states a term agreedupon, but the contract is not enforceable under thisparagraph beyond the quantity of goods shown insuch writing.Assume that the act applies to the sales of goods.Goods are defined in 2-100 as "those things movable" and do not include real property.

Questions

a. Does the statute apply to the lease of goods?

b. What are the required elements of the statute?In other words, for a contract for the sale ofgoods of $500 or more to be enforceable,what is required?