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Can you summarize MNST 336.2A-201?
UNIFORM COMMERCIAL CODE > STATUTE OF FRAUDS.
Short Summary
The Statute of Frauds governs lease contracts and specifies the requirements for enforceability. A lease contract is not enforceable unless the total payments under the contract are less than $1,000 or there is a writing signed by the party against whom enforcement is sought or their authorized agent. The writing must sufficiently indicate the existence of a lease contract and describe the goods leased and the lease term. The description of the goods or lease term is sufficient if it reasonably identifies what is described. Omissions or incorrect statements of terms do not render the writing insufficient, but the contract is only enforceable within the lease term and quantity of goods shown in the writing. However, lease contracts that do not satisfy the requirements may still be enforceable under certain circumstances, such as when the goods are specially manufactured for the lessee, when the party against whom enforcement is sought admits the existence of a lease contract, or when the lessee has received and accepted the goods. The lease term can be specified in writing, admitted by the party against whom enforcement is sought, or determined as a reasonable term.
Whom does it apply to?
Parties involved in lease contracts
What does it govern?
Lease contracts
What are exemptions?
Lease contracts with total payments less than $1,000 or lease contracts that have a writing signed by the party against whom enforcement is sought or by that party's authorized agent
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Minnesota