New York General Obligations Law § 7-103

New York General Obligations Law § 7-103 is a statute that establishes the rules for the validity of contracts involving the sale of goods, particularly regarding the statute of frauds. It states that certain contracts, such as those selling goods worth $500 or more, must be in writing to be enforceable. This law aims to prevent misunderstandings and fraud by ensuring that significant agreements are documented, making it easier to prove their terms and conditions in case of disputes.