Jerry worked for a book publisher and was treating Jo$,$ an author published by his firm, to lunch. Jerry had just signed the credit card receipt when Jo began to talk about a new project she was working on and would finish in about $15$ months. Jerry became interested and jotted down notes on the back of the carbon copy of the credit card slip he had just signed. His notes summarized their conversation about the viability of publishing Jo's new book and included a notation about a $15$ percent royalty payment that Jerry thought his firm might be able to pay. Upon seeing the manuscript more than a year later, Jerry's firm decides not to publish Jo's work and Jo sues, stating that she had an enforceable contract with Jerry, the firm's representative. Is she correct?

No$.$ The Statute of Frauds will apply, and Jerry's written memorandum is unlikely to be acceptable since his signature was on the reverse side of the paper and had nothing to do with the memorandum itself.

Yes. The Statute of Frauds does not apply, and Jerry's oral comments were sufficient to create a contract.

No$.$ The Statute of Frauds does not apply, and no binding contract was formed.

Yes. The Statute of Frauds applies, and Jerry's written memorandum will satisfy the Statute of Frauds.

Yes. This was a contract of an indefinite term and therefore the Statute of Frauds does not apply.