In July 2008, the Fuglebergs agreed to purchase from Triangle Ag 352.5 tons of urea fertilizer at a cost of $660 per ton and 135 tons of MES-15 fertilizer at a cost of $1,100 per ton. None of the terms of the contract were put in writing. The Fuglebergs prepaid the $381,150 purchase amount. The Fuglebergs contend that Triangle's agents told them at the time they agreed to the purchase that they could rescind the contract at any time by remitting $50 for each ton of undelivered fertilizer plus payment of accrued interest. In November 2008, the Fuglebergs attempted to rescind the contract with Triangle, but Triangle refused to cancel the contract, stating that it had already ordered the fertilizer. The Fuglebergs filed suit against Triangle for rescission and other claims.
Both parties admitted the existence of the contract in court. One of Triangle's defenses was that the statute of frauds barred the Fugleberg's contract claims.
Does it?