If both parties to an oral sale or lease contract are merchants,the Statute of Frauds requirement can be satisfied if one of the parties sends a written confirmation and the other merchant does not object within 10 days of receiving the confirmation.

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This statement accurately reflects the provision found in Section 2-201(2) of the Uniform Commercial Code (UCC), which allows for the creation of a binding contract despite the lack of a written agreement. If the parties are both merchants and one party sends a written confirmation of the oral agreement, the other party can be bound by the terms of the confirmation if they fail to object within 10 days of receipt. However, this provision only applies to contracts for the sale of goods over $500. Contracts for the lease of goods require a written agreement regardless of the parties' status as merchants.

If Both Parties to an Oral Sale or Lease Contract