(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
Which of the following is an exception to the statute of frauds writing requirement?These exceptions are admission, performance, and promissory estoppel. Admission means that an oral contract can be enforced without meeting the requirements of a statute of frauds if the other party admits under oath that the oral contract was made.
What items are covered by Article 2 of the UCC?Article two only covers the sale of goods. This is important to keep in mind. Goods include all items that can be both identifiable and moveable at the time of the sale. Article 2 does not cover transactions involving service contracts.
What is excluded from Article 2 of the UCC?Excluded from goods - Insurance polices, tort claims, sale of real property, contract for services, trademarks, patents.
What is the purpose of Article 2 of the UCC?Article 2 of the UCC (MCL 440.2101 et. seq.) governs the sale of goods. Article 2 is meant to provide default rules and gap-fillers that apply where two parties have not comprehensively addressed common issues in a written contract.
|