For each scenario, answer the questions in detail. Support each answer with at least one reference to the required background materials. (Avoid Plagiarism)

1. You own a small computer consulting business and have a close friend who runs a pawn shop. He wants to use your services for what is a $10,000 project. However, your friend is adamant about not signing a contract, and says, "We are friends! No need to get lawyers involved; we trust each other." Being familiar with contract law, you know that since you are providing a service, rather than selling physical goods, an oral contract will be valid for amounts over $500. However, you know that your friend gets busy at work and might forget the exact terms of your oral agreement. What step or steps might you take to protect yourself from a future disagreement without a formal written contract?