The giving of earnest, however common in ancient times, has fallen so much into disuse, that the two expressions in this clause of the Statute of Frauds, "give something in earnest." or "in part payment," are often treated as meaning the same thing, although the language clearly intimates that the earnest is "something to bind the bargain," (or the contract), whereas it is manifest that there can be no part payment till after the bargain has been bound, or closed. Earnest may be money, or some gift or token (among the Romans usually a ring), given by the buyer to the seller, and accepted by the latter to mark the final conclusive assent of both sides to the bargain; and this was formerly a prevalent custom in England. And an earnest did not lose its character because the same thing might also avail as a part payment.
Benjamin, Sale, 5th ed., 1906, p. 224; see also Howe v. Smith, 1884, 27 Ch. D. 89; March v. Banton, 1911, 45 Can. S.C.R. 338; Brown v. Walsh, 1919, 45 O.L.R. 646.
A part payment, in order to satisfy the statute, must be, accepted by the seller. The acceptance need not, however, be unqualified, provided it is of such a nature that it affords some recognition of the contract on the buyer's part.
Parker v. Crisp & Co.,  1 K.B. 481.
Where, upon an oral contract for the supply of goods, it was a term of the contract that a sum of money which had been overpaid to the seller upon a previous sale should be retained by the seller on account of the price of the goods contracted to be supplied, it was held that there was not a part payment which would satisfy the Sale of Goods Act. To hold otherwise would be to allow the statute to be satisfied by an oral contract without anything further being done to evidence the existence of the contract-Norton v. Davison,  1 Q.B. 401, following Walker v. Nussey, 1847, 16 M. & W. 302.