ENFORCEABILITY OF AGREEMENTS ENTIRELY WRITTEN IN CODE (CON’T) • ESRA: • Sufficient evidence, includes: (1) “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”; or (2) a confirmation (communicated electronically) that isn’t objected to by the party sending the confirmation within a certain defined timetable (even if confirmation omits material terms of agreement). See N.Y. GOL § 5-701(b)(3). • 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 147