Frank owed Alice $5,000. After six months, Alice asked for repayment and Frank said money was tight, and he was stressed about paying her back. Being a very empathetic person, Alice told Frank to forget about it. Three years later, Frank won the lottery. Alice immediately went to Frank and demanded the $5,000. Frank said "no" and stated that her agreement to forgive the debt was enforceable- and she sued.

What is the result of the suit?

State the rule or law that applies, and explain its application to the suit Alice filed