New York Laws
Title 7 - Requirements of Writing, Execution or Acknowledgment for Effectiveness or Enforceability
5-701 - Agreements Required to Be in Writing.

(a) for the purchase and sale of foreign exchange, foreign currency,
bullion, coin or precious metals on a forward, spot, next-day value or
other basis;
(b) a contract (other than a contract for the purchase and sale of a
commodity for future delivery on, or subject to the rules of, a contract

market or board of trade) for the purchase, sale or transfer of any
commodity or any similar good, article, service, right, or interest
which is presently or in the future becomes the subject of dealing in
the forward contract trade, or any product or byproduct thereof, with a
maturity date more than two days after the date the contract is entered
into;
(c) for the purchase and sale of currency, or interbank deposits
denominated in United States dollars;
(d) for a currency option, currency swap or cross-currency rate swap;
(e) for a commodity swap or a commodity option (other than an option
contract traded on, or subject to the rules of a contract market or
board of trade);
(f) for a rate swap, basis swap, forward rate transaction, or an
interest rate option;
(g) for a security-index swap or option or a security (or securities)
price swap or option;
(h) an agreement which involves any other similar transaction relating
to a price or index (including, without limitation, any transaction or
agreement involving any combination of the foregoing, any cap, floor,
collar or similar transaction with respect to a rate, commodity price,
commodity index, security (or securities) price, security-index or other
price index);
(i) for the assignment, sale, trade, participation or exchange of
indebtedness or claims relating thereto arising in the course of the
claimant's business or profession (including but not limited to
commercial and/or bank loans, choses in action arising under or in
connection with loan agreements and private notes, and including forward
sales), but only to the extent that such indebtedness or obligation was
not incurred by a natural person primarily for personal, family or
household purposes; or
(j) an option with respect to any of the foregoing.
3. There is sufficient evidence that a contract has been made if:
(a) There is evidence of electronic communication (including, without
limitation, the recording of a telephone call or the tangible written
text produced by computer retrieval), admissible in evidence under the
laws of this state, sufficient to indicate that in such communication a
contract was made between the parties;
(b) A confirmation in writing sufficient to indicate that a contract
has been made between the parties and sufficient against the sender is
received by the party against whom enforcement is sought no later than
the fifth business day after such contract is made (or such other period
of time as the parties may agree in writing) and the sender does not
receive, on or before the third business day after such receipt (or such
other period of time as the parties may agree in writing), written
objection to a material term of the confirmation; for purposes of this
subparagraph, a confirmation or an objection thereto is received at the
time there has been actual receipt by an individual responsible for the
transaction or, if earlier, at the time there has been constructive
receipt which is the time actual receipt by such an individual would
have occurred if the receiving party, as an organization, has exercised
reasonable diligence; and a "business day" for the purposes of this
subparagraph is a day on which both parties are open and transacting
business of the kind involved in that qualified financial contract which
is the subject of the confirmation;
(c) The party against whom enforcement is sought admits in its
pleading, testimony or otherwise in court that a contract was made; or
(d) There is a note, memorandum or other writing sufficient to
indicate that a contract has been made, signed by the party against whom
enforcement is sought or by its authorized agent or broker.
For purposes of this paragraph evidence of an electronic communication
indicating the making therein of a contract or a confirmation,
admission, note, memorandum or writing is not insufficient because it
omits or incorrectly states one or more material terms agreed upon, so
long as such evidence provides a reasonable basis for concluding that a
contract was made.
4. For purposes of this subdivision, the tangible written text
produced by telex, telefacsimile, computer retrieval or other process by
which electronic signals are transmitted by telephone or otherwise shall
constitute a writing and any symbol executed or adopted by a party with
the present intention to authenticate a writing shall constitute a
signing. The confirmation and notice of objection referred to in
subparagraph (b) of paragraph three of this subdivision may be
communicated by means of telex, telefacsimile, computer or other similar
process by which electronic signals are transmitted by telephone or
otherwise, provided that a party claiming to have communicated in such a
manner shall, unless the parties have otherwise agreed in writing, have
the burden of establishing actual or constructive receipt by the other
party as set forth in subparagraph (b) of paragraph three of this
subdivision.

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