The CEO of a company called Hot Coffee went to the local bar to have a few drinks with friends. She meets another entrepreneur who just opened a coffee shop called Cool Shot. Over several drinks, the two become immersed in conversation about how their companies could work together. They are joking and laughing about coffee mugs sales when the Hot Coffee CEO says, "if you can sell ONE of my coffee mugs for $1,000, I will GIVE you 1,000 mugs for $1," and then falls off her stool in laughter.

By the end of the night, the two business owners end up with a napkin signed by both of them stating "Hot Coffee will provide 200 of its collector's edition coffee mugs to Cool Shot by the first of the month and in exchange, Cool Shot will hang Hot Coffee posters in its shop, will display and sell Hot Coffee mugs, and will use Hot Coffee mugs for marketing raffles."

Summarize the Statute of Frauds; and analyze and apply how the Statute of Frauds would govern under this scenario.