1. A lease contract is not enforceable by way of action or defense unless: a. the total payments to be made under the lease contract, excluding payments for options to renew or buy, are less than one thousand dollars; or b. there is a record, signed by the party against whom enforcement issought or by that party’s authorized agent, sufficient to indicate that a lease contract has been made between the parties and to describe the goods leased and the lease term. 2. Any descriptionof leased goodsorof thelease term issufficient and satisfies subsection 1,paragraph “b”, whether or not itis specific, ifit reasonably identifies what is described. 3. A record isnot insufficient because itomits or incorrectly states a term agreed upon, but the lease contract is not enforceable under subsection 1, paragraph “b”, beyond the lease term and the quantity of goods shown in the record. 4. A lease contract that does not satisfy the requirements of subsection 1, but which is valid in other respects, is enforceable: a. ifthe goods are to be specially manufactured or obtained for the lessee and are not suitable for lease or sale to others in the ordinary course of the lessor’s business, and the lessor, before notice of repudiation is received and under circumstances that reasonably indicate that the goods are for the lessee, has made either a substantial beginning of their manufacture or commitments for their procurement; b. ifthe party against whom enforcement is sought admits in that party’s pleading, testimony or otherwise in court that a lease contract was made, but the lease contract isnot enforceable under this provision beyond the quantity of goods admitted; or c. with respect to goods that have been received and accepted by the lessee. 5. The lease term under a lease contract referred to in subsection 4 is: a. if there isa record signed by the party against whom enforcement issought or by that party’s authorized agent specifying the lease term, the term so specified; b. if the party against whom enforcement is sought admits in that party’s pleading, testimony, or otherwise in court a lease term, the term so admitted; or c. a reasonable lease term.
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