Drawing from the case provided, the verbal statement by the Hot Coffee CEO would not be considered to be a valid enforceable contract. The reason behind the claim follows the fact that the two parties involved in the contract were not in their rights state of mind. From the case, it is stated that when the CEO of Hot Coffee and the owner of Cool Shot, start drinking since it was in a bar, it is most likely that they were drinking alcohol. It is also evidenced by their behavior, for instance, the CEO of Hot Coffee falling off a stool.
Even though they ended up signing up an agreement written on a napkin, still it cannot be considered to be an enforceable contract because of their state of mind. However, in the case whereby they would have been sober, Florida Law contracts assert that an agreement between two people can be enforceable even when written in a non-formal material such as a napkin. However, it does not allow people who are intoxicated even in the case where one person is sober and the other is not, the contract is considered unenforceable. Both the verbal statement and the writing on the napkin would fall under the Uniform Commercial Code (U.C.C) because the law focus on improving a range of subjects that are related to law and how they and conducted to validate them as contracts.