Laken currently owes Ventsage Cover $200,000 for unpaid shipments of terbium, and Ventsage has threatened to sue Laken to recover the unpaid debt. (Terbium is a metal Laken uses to manufacture circuitry used in cell phones) Emmanuel owns a company that manufactures cell phones using circuitry he purchases from Laken Industries. On February 1^st,2020, Emmanuel and Ventsage entered into an ORAL agreement under which Emmanuel agreed to pay Ventsage all money Laken owed on October 1st of this year if laken failed to pay Ventsage all money due and owing under the contract prior to that date. Assume neither Laken nor Emmanuel paid Ventsage, and Ventsage has decided to try to sue EMMANUEL for breach of contract. Consider the Statute of Frauds and choose the statement below most correctly summarizes the status of the Emmanuel/Ventage agreement. Please explain

1. The oral collateral agreement is UNENFORCEABLED because Laken is the only party Ventsage may sue
2. The oral agreement is unenforceable because this is a collateral agreement that must be in writing
3. The oral collateral agreement is enforceable because the facts indicate Emmanuel meets the requirement of a valid admission
4. The oral collateral agreement is enforceable because the "main purpose" rule to the statute of frauds applies