400.2A-201. Statute of frauds. - Missouri Statutes

Statute of frauds.

400.2A-201. (1) A lease contract is not enforceable by wayof 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 onethousand dollars; or

(b) there is a writing, signed by the party against whomenforcement is sought or by that party's authorized agent,sufficient to indicate that a lease contract has been madebetween the parties and to describe the goods leased and thelease term.

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

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

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

(a) if the goods are to be specifically manufactured orobtained for the lessee and are not suitable for lease or sale toothers in the ordinary course of the lessor's business, and thelessor, before notice of repudiation is received and undercircumstances that reasonably indicate that the goods are for thelessee, has made either a substantial beginning of theirmanufacture or commitments for their procurement;

(b) if the party against whom enforcement is sought admitsin that party's pleading, testimony or otherwise in court that alease contract was made, but the lease contract is notenforceable under this provision beyond the quantity of goodsadmitted; or

(c) with respect to goods that have been received andaccepted by the lessee.

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

(a) if there is a writing signed by the party against whomenforcement is sought or by that party's authorized agentspecifying the lease term, the term so specified;

(b) if the party against whom enforcement is sought admitsin that party's pleading, testimony, or otherwise in court alease term, the term so admitted; or

(c) a reasonable lease term.

(L. 1992 S.B. 448)