A local hotel contracted with a high school team for a block of rooms at a discounted group rate. The contract's cancellation policy states that cancellation of the contract $45$ days or less will result in a damage fee of $95\%$ of the total estimated revenue.

Thirty$-$five days before the group's arrival, the coach called the hotel's sales manager to cancel the contract, stating that they received a lower rate at another hotel. The hotel invoices the school for payment.

The school's attorney contacted the hotel and encouraged them to waive the cancellation policy, in good faith. This is a high school operating with a limited budget. The hotel declined.

Should the hotel waive the cancellation fee? For this week's discussion, discuss if you agree or disagree. Address the statute of fraud, if any, that applies to this scenario.