Section 2-A-201. Statute of Frauds.

(1) A lease contract is not enforceable by way of action or defense
unless:

(a) the total payments to be made under the lease contract,

excluding payments for options to renew or buy, are less than

$1,000; or

(b) there is a writing, signed by the party against whom

enforcement is sought or by that party's authorized agent,

sufficient to indicate that a lease contract has been made

between the parties and to describe the goods leased and the

lease term.

(2) Any description of leased goods or of the lease term is sufficient
and satisfies subsection (1)(b), whether or not it is specific, if it
reasonably identifies what is described.

(3) A writing is not insufficient because it omits or incorrectly
states a term agreed upon, but the lease contract is not enforceable
under subsection (1)(b) beyond the lease term and the quantity of goods
shown in the writing.

(4) A lease contract that does not satisfy the requirements of
subsection (1), but which is valid in other respects, is enforceable:

(a) if the goods are to be specially manufactured or obtained for

the lessee and are not suitable for lease or sale to others

in the ordinary course of the lessor's business, and the

lessor, before notice of repudiation is received and under

circumstances that reasonably indicate that the goods are for

the lessee, has made either a substantial beginning of their

manufacture or commitments for their procurement;

(b) if the party against whom enforcement is sought admits in

that party's pleading, testimony, or otherwise in court that

a lease contract was made, but the lease contract is not

enforceable under this provision beyond the quantity of goods

admitted; or

(c) with respect to goods that have been received and accepted by

the lessee.

(5) The lease term under a lease contract referred to in subsection
(4) is:

(a) if there is a writing signed by the party against whom

enforcement is sought or by that party's authorized agent

specifying the lease term, the term so specified;

(b) if the party against whom enforcement is sought admits in

that party's pleading, testimony, or otherwise in court a

lease term, the term so admitted; or

(c) a reasonable lease term.

(6) A lease contract enforceable under this section shall not be
rendered unenforceable by the operation of New York General Obligations
Law Section 5-701.