Smith and Roberson's Business Law 16th Edition by Richard Mann,Barry Roberts

Exercise 22

Moriarty and Holmes enter into an oral contract by which Moriarty promises to sell and Holmes promises to buy Blackacre for $100,000. Moriarty repudiates the contract by writing a letter to Holmes in which she states accurately the terms of the bargain, but adds "our agreement was oral. It, therefore, is not binding upon me, and I shall not carry it out." Thereafter, Holmes sues Moriarty for specific performance of the contract. Moriarty interposes the defense of the statute of frauds, arguing that the contract is within the statute and, hence, unenforceable. What result? Discuss.