Legal Question in Business Law in New York
Verbal contract (dollar limitation)
In Maryland there is a $500 limit to verbal contracts, Is there any simular limit in New York?
Asked on 6/17/03, 7:29 pm
2 Answers from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Verbal contract (dollar limitation)
Whoa! Not quite. The uniform commercial code provides that there has to be a writing for an executory contract for a sale of goods in excess of $500. Most if not all states have this rule (I can't answer specifically for NY). If it's not a sale of goods, or if there is partial performance, the requirement of a writing does not apply.
Answered on 6/17/03, 7:45 pm
Robert R. Groezinger
GroezingerLaw P.C.
Re: Verbal contract (dollar limitation)
It all depends on what the contract is for..goods? services? NYS follows essentially the Uniform Commercial Code ...but all contracts for real property must be in writing.
Good Luck
RRG
Answered on 6/17/03, 7:46 pm
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