ENFORCEABILITY OF AGREEMENTS ENTIRELY WRITTEN IN CODE (CON’T) • ESRA: • “An agreement, promise, undertaking or contract, which is valid in other respects and is otherwise enforceable, is not void for lack of a note, memorandum or other writing and is enforceable by way of action or defense provided that such agreement, promise, undertaking or contract is a qualified financial contract” and (a) “there is . . . sufficient evidence to indicate that a contract has been made” or (b) “the parties thereto, by means of a prior or subsequent written contract, have agreed to be bound by the terms of such qualified financial contract from the time they reach agreement (by telephone, by exchange of electronic messages, or otherwise) on those terms.” N.Y. GOL § 5-701(b)(1). • Qualified financial contracts include: “a currency option, currency swap or cross-currency rate swap”; “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)”; “a rate swap, basis swap, forward rate transaction, or an interest rate option”; “a security-index swap or option or a security (or securities) price swap or option.” N.Y. GOL § 5-701(b)(2). UNRESTRICTED 146