I do not believe the verbal statement is a valid and enforceable contract. I do believe a valid offer was made but there was no acceptance to make it a valid contract. The story does not mention that the verbal agreement was accepted by the other party. It only mentions the Hot Coffee CEO made a verbal offer to Cool Shot. I do believe the napkin is a valid and enforceable contract. The agreement was signed in writing by both parties, which meets the note or memorandum. Both parties had content because the napkin stated the terms of the contract. The agreement for a thousand dollars was for more than the Statute of Frauds five hundred dollar minimum. I believe that the writing on the napkin does fall under the Uniform Commercial Code because the Uniform Commercial Code requires a signed document by the party being charged which shows a contract has been initiated.