Question 2: Fake Steak which had developed a new process for making plant-based meat substitutes, entered into an oral contract with Specialty Manufacturing. The contract provided that Specialty would manufacture a special part that Fake Steak needed in its manufacturing process. The contract provided that Specialty would make the part to Fake Steak's specifications. Fake Steak orally agreed to pay $7,000 for the part. Specialty made the part to Fake Steak's specifications, but Fake Steak refused to pay, claiming that the oral contract was unenforceable because of the statute of frauds. Is Fake Steak correct? Utilizing the materials set forth in the textbook, in the Canvas modules and in class, explain the basis of your answer.