C.R.S. Section 4-2.5-201
Statute of frauds

(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 is sought 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 description of leased goods or of the lease term is sufficient and satisfies subsection (1)(b) of this section, whether or not it is specific, if it reasonably identifies what is described.

(3)

A record is not insufficient because it omits or incorrectly states a term agreed upon, but the lease contract is not enforceable under subsection (1)(b) of this section 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) of this section, but which is valid in other respects, is enforceable:

(a)

If the 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)

If the 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 is not 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) of this section is:

(a)

If there is a record signed by the party against whom enforcement is sought 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.

Source: Section 4-2.5-201 — Statute of frauds, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-04.­pdf (accessed Oct. 20, 2023).

4‑2.5‑101
Short title 4‑2.5‑102
Scope 4‑2.5‑103
Definitions and index of definitions 4‑2.5‑104
Leases subject to other law 4‑2.5‑105
Territorial application of article to goods covered by certificate of title 4‑2.5‑106
Limitation on power of parties to consumer lease to choose applicable law and judicial forum 4‑2.5‑107
Waiver or renunciation of claim or right after default 4‑2.5‑108
Unconscionability 4‑2.5‑109
Option to accelerate at will 4‑2.5‑201
Statute of frauds 4‑2.5‑202
Final written expression: Parol or extrinsic evidence 4‑2.5‑203
Seals inoperative 4‑2.5‑204
Formation in general 4‑2.5‑205
Firm offers 4‑2.5‑206
Offer and acceptance in formation of lease contract 4‑2.5‑207
Course of performance or practical construction 4‑2.5‑208
Modification, rescission, and waiver 4‑2.5‑209
Lessee under finance lease as beneficiary of supply contract 4‑2.5‑210
Express warranties 4‑2.5‑211
Warranties against interference and against infringement 4‑2.5‑212
Implied warranty of merchantability 4‑2.5‑213
Implied warranty of fitness for particular purpose 4‑2.5‑214
Exclusion or modification of warranties 4‑2.5‑215
Cumulation and conflict of warranties express or implied 4‑2.5‑216
Third-party beneficiaries of express and implied warranties 4‑2.5‑217
Identification 4‑2.5‑218
Insurance and proceeds 4‑2.5‑219
Risk of loss 4‑2.5‑220
Effect of default on risk of loss 4‑2.5‑221
Casualty to identified goods 4‑2.5‑301
Enforceability of lease contract 4‑2.5‑302
Title to and possession of goods 4‑2.5‑303
Alienability of party’s interest under lease contract or of lessor’s residual interest in goods 4‑2.5‑304
Subsequent lease of goods by lessor 4‑2.5‑305
Sale or sublease of goods by lessee 4‑2.5‑306
Priority of certain liens arising by operation of law 4‑2.5‑307
Priority of liens arising by attachment or levy on, security interests in, and other claims to goods 4‑2.5‑308
Special rights of creditors 4‑2.5‑309
Lessor’s and lessee’s rights when goods become fixtures 4‑2.5‑310
Lessor’s and lessee’s rights when goods become accessions 4‑2.5‑311
Priority subject to subordination 4‑2.5‑401
Insecurity: Adequate assurance of performance 4‑2.5‑402
Anticipatory repudiation 4‑2.5‑403
Retraction of anticipatory repudiation 4‑2.5‑404
Substituted performance 4‑2.5‑405
Excused performance 4‑2.5‑406
Procedure on excused performance 4‑2.5‑407
Irrevocable promises: Finance leases 4‑2.5‑501
Default: Procedure 4‑2.5‑502
Notice after default 4‑2.5‑503
Modification or impairment of rights and remedies 4‑2.5‑504
Liquidation of damages 4‑2.5‑505
Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies 4‑2.5‑506
Statute of limitations 4‑2.5‑507
Proof of market rent: time and place 4‑2.5‑508
Lessee’s remedies 4‑2.5‑509
Lessee’s rights on improper delivery 4‑2.5‑510
Installment lease contracts: rejection and default 4‑2.5‑511
Merchant lessee’s duties as to rightfully rejected goods 4‑2.5‑512
Lessee’s duties as to rightfully rejected goods 4‑2.5‑513
Cure by lessor of improper tender or delivery 4‑2.5‑514
Waiver of lessee’s objections 4‑2.5‑515
Acceptance of goods 4‑2.5‑516
Effect of acceptance of goods 4‑2.5‑517
Revocation of acceptance of goods 4‑2.5‑518
Cover 4‑2.5‑519
Lessee’s damages for nondelivery, repudiation, default and breach of warranty in regard to accepted goods 4‑2.5‑520
Lessee’s incidental and consequential damages 4‑2.5‑521
Lessee’s right to specific performance or replevin 4‑2.5‑522
Lessee’s right to goods on lessor’s insolvency 4‑2.5‑523
Lessor’s remedies 4‑2.5‑524
Lessor’s right to identify goods to lease contract 4‑2.5‑525
Lessor’s right to possession of goods 4‑2.5‑526
Lessor’s stoppage of delivery in transit or otherwise 4‑2.5‑527
Lessor’s rights to dispose of goods 4‑2.5‑528
Lessor’s damages for nonacceptance, failure to pay, repudiation, or other default 4‑2.5‑529
Lessor’s action for the rent 4‑2.5‑530
Lessor’s incidental damages 4‑2.5‑531
Standing to sue third parties for injury to goods 4‑2.5‑532
Lessor’s rights to residual interest 4‑2.5‑533
Other measures of damages
Green check means up to date. Up to date

Current through Fall 2024

§ 4-2.5-201’s source at colorado​.gov