Colorado Code
Part 2 - Form, Formation, and Readjustment of Contract
§ 4-2-201. Formal Requirements - Statute of Frauds

Source: L. 65: p. 1302, § 1. C.R.S. 1963: § 155-2-201.
Cross references: For what constitutes acceptance of goods, see § 4-2-606.
Prior Uniform Statutory Provision: Section 4, Uniform Sales Act (which was based on Section 17 of the Statute of 29 Charles II).
Changes: Completely rephrased; restricted to sale of goods. See also Sections 1-206, 8-319 and 9-203.
Purposes of Changes: The changed phraseology of this section is intended to make it clear that:

Special emphasis must be placed on the permissibility of omitting the price term in view of the insistence of some courts on the express inclusion of this term even where the parties have contracted on the basis of a published price list. In many valid contracts for sale the parties do not mention the price in express terms, the buyer being bound to pay and the seller to accept a reasonable price which the trier of the fact may well be trusted to determine. Again, frequently the price is not mentioned since the parties have based their agreement on a price list or catalogue known to both of them and this list serves as an efficient safeguard against perjury. Finally, "market" prices and valuations that are current in the vicinity constitute a similar check. Thus if the price is not stated in the memorandum it can normally be supplied without danger of fraud. Of course if the "price" consists of goods rather than money the quantity of goods must be stated.
Only three definite and invariable requirements as to the memorandum are made by this subsection. First, it must evidence a contract for the sale of goods; second, it must be "signed", a word which includes any authentication which identifies the party to be charged; and third, it must specify a quantity.
Receipt and acceptance either of goods or of the price constitutes an unambiguous overt admission by both parties that a contract actually exists. If the court can make a just apportionment, therefore, the agreed price of any goods actually delivered can be recovered without a writing or, if the price has been paid, the seller can be forced to deliver an apportionable part of the goods. The overt actions of the parties make admissible evidence of the other terms of the contract necessary to a just apportionment. This is true even though the actions of the parties are not in themselves inconsistent with a different transaction such as a consignment for resale or a mere loan of money.
Part performance by the buyer requires the delivery of something by him that is accepted by the seller as such performance. Thus, part payment may be made by money or check, accepted by the seller. If the agreed price consists of goods or services, then they must also have been delivered and accepted.
Cross References:
See Sections 4-1-201, 4-2-202, 4-2-207, 4-2-209 and 4-2-304.
Definitional Cross References:
"Action". Section 4-1-201.
"Between merchants". Section 4-2-104.
"Buyer". Section 4-2-103.
"Contract". Section 4-1-201.
"Contract for sale". Section 4-2-106.
"Goods". Section 4-2-105.
"Notice". Section 4-1-201.
"Party". Section 4-1-201.
"Reasonable time". Section 4-1-204.
"Sale". Section 4-2-106.
"Seller". Section 4-2-103.