INCREASE SALE OF GOODS CONTRACT - H.B. 4487: FLOOR ANALYSIS
House Bill 4487 (as reported without amendment)
Sponsor: Representative James Koetje
House Committee: Commerce
Senate Committee: Financial Services
CONTENT
The bill would amend the Uniform Commercial Code to increase the minimum amount for which a contract for the sale of goods must be in writing to be enforceable.
Under the Code, a contract for the sale of goods for $500 or more is not enforceable unless
the contract is in writing and signed by the party against whom enforcement is sought. The bill would increase that amount to $1,000.
The Code defines "goods" as: "all things (including specially manufactured goods) which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid, investment securities (article 8) and things in action. 'Goods' also includes the unborn young of animals and growing crops and other identified things attached to realty...".
MCL 440.2201 - Legislative Analyst: Claire Layman
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 2-6-02 - Fiscal Analyst: Bill Bowerman
floor\hb4487 - Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.