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Can you summarize NHRS 382-A:2A-201?
UNIFORM COMMERCIAL CODE > Statute of Frauds.
Short Summary
The Statute of Frauds, as outlined in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the enforceability of lease contracts. According to the statute, a lease contract is not enforceable unless the total payments under the contract are less than $1,000 or there is a signed record indicating the existence of a lease contract and describing the goods leased and the lease term. The statute also states that a lease contract can 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 goods have been received and accepted by the lessee. The statute provides flexibility in terms of the description of leased goods or lease term, as long as it reasonably identifies what is described. It also clarifies that a record is not insufficient if it omits or incorrectly states a term agreed upon, but the lease contract is not enforceable beyond the lease term and quantity of goods shown in the record. The statute does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Parties involved in lease contracts
What does it govern?
Statute of Frauds
What are exemptions?
Lease contracts with total payments less than $1,000 or lease contracts with a record signed by the party against whom enforcement is sought
What are the Penalties?
No specific penalties mentioned
Jurisdiction
New Hampshire