Bob and Mary have been dose friends for the past twenty years. Bob owns a cottage in Muskoka that he has recently decided to sell because he is no longer able to maintain it. Bob has agreed to sell his cottage to Mary for $185,000 without using the services of a Realtor, and since they are such good friends they have decided that they dont need a written contract as they believe their verbal agreement is good enough for them both. Given this scenario, which one of the following statements is most correct?