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Under the UCC

15 January, 2016 - 09:33

In contracts for the sale of goods, the writing must be signed by the party to be charged, and the parties must be sufficiently identified. 1 But consideration, including the selling price, need not be set forth for the memorandum to meet the requirements of the UCC (“a writing is not insufficient because it omits or incorrectly states a term agreed upon”), though obviously it makes sense to do so whenever possible. By contrast, UCC Sections 1-206 and 3-319 concerning intangible personal property and investment securities require “a defined or stated price.”