Problem
Summary of Facts: Evelyn Vollmer orally agreed to loan Danny Lang $150,000 to make an investment in a local nightclub. The loan was to be repaid from the profits received from the investment. Their agreement was never memorialized in writing, however, Lang made payments totaling only $15,000 on the loan from the profits from the business. Vollmer filed a lawsuit alleging breach of contract. Using the information presented in Chapter 16, answer the following questions:
A. Lang claimed that repayment of the loan would "almost certainly" take over a year and that his agreement with Vollmer was therefore unenforceable because it was not in writing. Is he correct? Explain.
B. Suppose that a week after Vollmer gave Lang the funds, she sent him an e-mail containing the terms of their loan agreement with her name typed at the bottom. Lang did not respond to the e-mail. Is this sufficient as a writing under the Statute of Frauds? Why or why not?
C. Assume that at trial the court finds that the contract falls within the Statute of Frauds. Further assume that the State in which the court sits recognizes every exception to the Statute of Frauds discussed in the chapter. What exception provides Vollmer with the best chance of enforcing the oral contract in this situation? (State the exception and how it applies.)