Section 1--206. Statute of Frauds for Kinds of Personal Property Not Otherwise Covered

(1) Except in the cases described in subsection (2) 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.
    (2) Subsection (1) 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).
    (3) Subsection one 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
  (a) 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 (b) 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.