Editing Statute of frauds (section)

====Uniform Commercial Code====
In addition to general statutes of frauds, under Article 2 of the [[Uniform Commercial Code]] (UCC), every state except Louisiana has adopted an additional statute of frauds that relates to the sale of goods. Pursuant to the UCC, contracts for the sale of [[good (economics)|good]]s where the price equals $500 or more fall under the statute of frauds, with the exceptions for professional merchants performing their normal business transactions, and for any custom-made items designed for one specific buyer.<ref>{{UCC|2|201}}</ref>

The application of the statute of frauds to dealings between [[merchant]]s has been modified by provisions of the UCC. There is a "catch-all" provision in the UCC for [[personal property]] not covered by any other specific law,<ref>{{UCC|1|206}}</ref> stating that a contract for the sale of such property where the purchase price exceeds $500 is not enforceable unless memorialized by a signed writing. The most recent UCC revision increases the triggering point for the UCC Statute of Frauds to $5,000, but states have been slow to amend their versions of the statute to increase the trigger point.

For purposes of the UCC, a defendant who admits the existence of the contract in his pleadings, under oath in a [[deposition (law)|deposition]] or affidavit, or at trial, may not use the statute of frauds as a defense. However, a statute of frauds defense may still be available under a state's general statute.

With respect to [[security (finance)|securities]] transactions, the Uniform Commercial Code has abrogated the statute of frauds.<ref>{{UCC|8|319}}</ref> The drafters of the most recent revision commented that "with the increasing use of electronic means of communication, the statute of frauds is unsuited to the realities of the securities business."