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Sec. 2‑201. Formal requirements; statute of frauds.
(1) Except as otherwise provided in this Section a contract for the sale of goods for the price of $500 or more is not enforceable by way of action or defense 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. A writing is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this paragraph beyond the quantity of goods shown in such writing.
(2) Between merchants if within a reasonable time a writing in confirmation of the contract and sufficient against the sender is received and the party receiving it has reason to know its contents, it satisfies the requirements of subsection (1) against such party unless written notice of objection to its contents is given within 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 (Section 2‑‑606).
(Source: Laws 1961, 1st SS., p. 7.)
What else can I help you with?
Why is there a statute of frauds?
Originally, the statute of frauds was created to prevent people from lying in trials over land. Now it works as a form of consumer protection.
Is there a statute of limitations on driving while suspended in the state of Illinois?
If you have been given a ticket in Illinois are not subject to a statute of limitations. You have already been informed of the charges and given your options.
What is the sexual assault statute of limitations in Illinois?
In Illinois, there is no statute of limitations for prosecuting sexual assault cases. This means that there is no time limit for bringing charges against someone for committing sexual assault in the state of Illinois.
What is the statute of limitation for a bodily injury claim in the state of Illinois?
2 yrs
What is the Statute of Limitations for an Oral agreement in Illinois?
The statute of frauds is going to be more of an issue than any statute of limitations. In most states there are limits to what can be agreed to orally. In most cases, it must be within a reasonable amount of time for that commercial agreement. You cannot sell land with an oral agreement, it must be in writing.
What must a writing include in order to satisfy the statute of frauds?
In order to satisfy the statute of frauds, a writing must include the essential terms of the agreement, the parties involved, and be signed by the party against whom enforcement is sought.
What has the author Joseph T Robertson written?
Joseph T. Robertson has written: 'Discussion paper on the Statute of Frauds, 1677' -- subject(s): Contracts, Conveyancing, Debtor and creditor, Newfoundland, Sales, Statute of frauds, Trusts and trustees, Wills
What is the mnemonic for the statute of frauds?
A common mnemonic for the Statute of Frauds is "MY LEGS," which stands for Marriage, Year (one year or more), Land (real estate), Executorship (wills), Goods (goods valued over a certain amount), and Surety (guarantees). This helps remember the types of contracts that typically must be in writing to be enforceable. Each element corresponds to a category that falls under the requirements of the Statute of Frauds.
What is statute of limitations for collecting on a unsecured credit card in Illinois?
You'd have to check your state laws.
Is barter a sales contract?
A barter agreement can be an oral contract (subject to the statute of frauds) or a written contract.
Would the statute of frauds be a defense for a disputed credit contract?
Probably not. You must look to the contract. You most likely have some other defense, like lack of consideration, or lack of capacity. What is "disputed?" Statute of frauds has to do with whether a contract must be in writing. More details are needed.
What is the primary statute that governs real estate?
The Statute of Frauds is the primary one. It states that any contract for the purchase and sale of real property must be in writing to be enforceable.
