Texas Business and Commerce Code 8.113 – Statute of Frauds Inapplicable
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Terms Used In Texas Business and Commerce Code 8.113
- Contract: A legal written agreement that becomes binding when signed.
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performance within one year of its making.