This chapter applies to a contract only if:
(1) the contract is for the sale, lease, exchange, or other disposition for value of goods for the price, rental, or other consideration of $50,000 or less;
(2) any element of the contract's execution occurred in this state;
(3) a party to the contract is:
(A) an individual resident of this state; or
(B) an association or corporation that is created under the laws of this state or has its principal place of business in this state; and
(4) Section 1.301 does not apply to the contract.