Section 1--207. Statute of Frauds for Kinds of Personal Property Not
Otherwise Covered.

(a) Except in the cases described in subsection (b) of this section a
contract for the sale of personal property is not enforceable by way of
action or defense beyond five thousand dollars in amount or value of
remedy unless there is some writing which indicates that a contract for
sale has been made between the parties at a defined or stated price,
reasonably identifies the subject matter, and is signed by the party
against whom enforcement is sought or by his authorized agent.

(b) Subsection (a) of this section does not apply to contracts for the
sale of goods (Section 2--201) nor of securities (Section 8--113) nor to
security agreements (Section 9--203).

(c) Subsection (a) of this section does not apply to a qualified
financial contract as that term is defined in paragraph two of
subdivision b of section 5-701 of the general obligations law if either
(1) there is, as provided in paragraph three of subdivision b of section
5-701 of such law, sufficient evidence to indicate that a contract has
been made or (2) the parties thereto, by means of a prior or subsequent
written contract, have agreed to be bound by the terms of such qualified
financial contract from the time they reach agreement (by telephone, by
exchange of electronic messages, or otherwise) on those terms.