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The Uniform Commercial Code (UCC) has been adopted in whole or in part by the legislatures of all 50 states. Under the UCC, contracts for the sale of goods where the price equals $500.00 or more (with some exceptions) fall under the statute of frauds of Article 2, Section 201 of the UCC. In this form, the buyer acknowledges that the part being received is merely an installment of a larger specified quantity. The reference to the larger specified quantity makes the receipt signed by the buyer sufficient as a memorandum under the statute of frauds of the UCC without regard to the fact of delivery and acceptance of the part. It is, therefore, to the advantage of the seller to obtain the execution of such a receipt for the goods whenever possible.
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