Please read the brief summary of facts and respond to the following questions: (4 questions)

Facts:

Gracie orally agreed to loan Isaac $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, Isaac made payments totaling only $15,000 on the loan from the profits from the business. Gracie filed a lawsuit alleging breach of contract.

Questions:

1. Isaac claimed that repayment of the loan would “almost certainly” take over a year and that his agreement with Gracie was therefore unenforceable because it was not in writing. Is he correct? Explain.
2. Suppose that a week after Gracie gave Isaac the funds, she sent him an e-mail containing the terms of their loan agreement with her name typed at the bottom. Isaac did not respond to the e-mail. Is this sufficient as a writing under the Statute of Frauds? Why or why not?
3. 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 Gracie with the best chance of enforcing the oral contract in this situation? (State the exception and how it applies.)

Please number and repeat each question followed by your response. Following proper format, along with the substance of your response, is very important in law. Accordingly, failure to do so will result in points being deducted.