D met with S, a loan officer with the B Bank to discuss borrowing money from the bank to start a new business. After learning that he did not qualify for the loan on the basis of his own financial strength, D told S that his former employer, W, might be willing to guarantee the payment of the loan. S talked W, who orally stated on the telephone that he would personally guarantee the loan to D. Based on this guaranty, the bank loaned D the money. The bank sent a written guarantee to W for his signature, but it was never returned to the bank. When D defaulted on the loan, the bank filed suit again to recover on their guaranty contract. Is W liable? Why or why not. Discuss in detail.