On July 5, 2007, Richard Price signed a written employment contract as a new salesman with the Mercury Supply Company.

The contract was of indefinite duration and could be terminated by either party for any reason upon fifteen days’ notice.

Between 2007 and 2015, Price was promoted several times. In 2009, Price was made vice president of sales. In September of 2015, however, Price was told that his performance was not satisfactory and that if he did not improve, he would be fired.

In February of 2018, Price received notice of termination. Price claims that in 2012, he entered into a valid oral employment contract with Mercury Supply Company in which he was made vice president of sales for life or until he should retire. Is the alleged oral contract barred by the one-year provision of the statute of frauds? Explain.