To be enforceable, a contract for a sale of goods priced at $500 or more must designate the buyer, seller, terms of payment, and price.

Question

To be enforceable, a contract for a sale of goods priced at $500 or more must designate the buyer, seller, terms of payment, and price.​

Quizplus · Accepted Answer

Under the Uniform Commercial Code (UCC) Section 2-201, a contract for the sale of goods priced at $500 or more must be in writing to be enforceable, but it only needs to be "sufficient to indicate that a contract for sale has been made between the parties" and is signed by the party against whom enforcement is sought. It does not specifically require designation of the buyer, seller, terms of payment, and price.

To Be Enforceable, a Contract for a Sale of Goods