Yes, a written memo is considered to fulfill the statute of frauds if two parties are merchants.
The definition of a writing that meets the statute differs significantly between the UCC and the statute of frauds. According to common law, the party challenging the enforceability of the contract must submit a written argument, either made or signed by the party.
Unless the parties are merchants, the UCC applies to this rule. Though two merchants make an oral agreement, even if the receiving party does not admit receiving the note, it is still considered to have satisfied the statute of frauds.
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