Irving Levin and Harold Lipton owned the San Diego Clippers Basketball Club, a professional basketball franchise. Levin and Lipton met with Philip Knight to discuss the sale of the Clippers to Knight. After the meeting, they all initialed a 3-page handwritten memorandum that Levin had drafted during the meeting. The memorandum outlined the major terms of their discussion, including subject matter, price, and the parties to the agreement. Levin and Lipton forwarded to Knight a letter and proposed sale agreement. Two days later, Knight informed Levin that he had decided not to purchase the Clippers. Levin and Lipton sued Knight for breach of contract. Knight argued in defense that the handwritten memorandum was not enforceable because it did not satisfy the Statute of Frauds. Is he correct

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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