Moriarity and Holmes enter into an oral contract by which Moriarity promises to sell and Holmes promises to buy Blackacre for $10,000. Moriarity 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 Moriarity for specific performance of the contract. Moriarity interposes the defense of the statute of frauds, arguing that the contract is within the statute and hence unenforceable. What will be the result? Discuss.