59.1-502.1 - Formal requirements.
§ 59.1-502.1. Formal requirements.
(a) Except as otherwise provided in this section, a contract requiringpayment of a contract fee of $5,000 or more is not enforceable by way ofaction or defense unless:
(1) the party against which enforcement is sought authenticated a recordsufficient to indicate that a contract has been formed and which reasonablyidentifies the copy or subject matter to which the contract refers; or
(2) the agreement is a license for an agreed duration of one year or less orwhich may be terminated at will by the party against which the contract isasserted.
(b) A record is sufficient under subsection (a) even if it omits orincorrectly states a term, but the contract is not enforceable under thatsubsection beyond the number of copies or subject matter shown in the record.
(c) A contract that does not satisfy the requirements of subsection (a) isnevertheless enforceable under that subsection if:
(1) a performance was tendered or the information was made available by oneparty and the tender was accepted or the information accessed by the other; or
(2) the party against which enforcement is sought admits in court, bypleading or by testimony or otherwise under oath, facts sufficient toindicate a contract has been made, but the agreement is not enforceable underthis paragraph beyond the number of copies or the subject matter admitted.
(d) Between merchants, if, within a reasonable time, a record in confirmationof the contract and sufficient against the sender is received and the partyreceiving it has reason to know its contents, the record satisfies subsection(a) against the party receiving it unless notice of objection to its contentsis given in a record within a reasonable time after the confirming record isreceived.
(e) An agreement that the requirements of this section need not be satisfiedas to future transactions is effective if evidenced in a record authenticatedby the person against which enforcement is sought.
(f) A transaction within the scope of this chapter is not subject to astatute of frauds contained in another law of this Commonwealth.
(2000, cc. 101, 996.)