No, the $50k would not have satisfied the statute of frauds, because Dick sent them correspondence indicating he didn't think he was actually forming a binding

No, the $50k would not have satisfied the statute of frauds, because Dick sent them correspondence indicating he didn't think he was actually forming a binding contract, which is required in the absence of a signed legal agreement. Generally, if the parties don't have a signed agreement, but act as if terms in an informal exchange are binding, the court will uphold the informal agreement even if one of the parties changes their mind. But in this case, the undisputed evidence is that one party didn't act as if they were bound by their informal correspondence. And furthermore, courts have almost never upheld an informal/unsigned agreement between a corporation and an individual as binding against the individual.