Please provide an IRAC for the following problem case

Issue

Rule of law

Application

Conclusion

Rosenfeld, an art dealer, claimed that Jean-Michel Basquiat, an acclaimed neoexpressionist artist, had agreed to sell her three paintings titled Separation of the "K," Atlas, and Untitled Head. She claimed that she went to Basquiat's apartment on October 25, 1982; that while she was there he agreed to sell her three paintings for $4,000 each; and that she picked out the three works. According to Rosenfeld, Basquiat asked for a cash deposit of 10 percent. She left his loft and later returned with $1,000 in cash, which she paid him. When she asked for a receipt, he insisted on drawing up a "contract," and got down on the floor and wrote it out in crayon on a large piece of paper, remarking that "some day this contract will be worth money." She identified a handwritten document listing the three paintings, bearing her signature and that of Basquiat, which stated: "$12,000$1,000 DEPOSITOCT 25 82." Was this writing sufficient to satisfy the statute of frauds?