On June 1, 2010, Decker orally guaranteed the payment of a $5,000 note Decker's cousin owed Baker. Decker's agreement with Baker provided that Decker's guaranty would terminate in eighteen months. On June 3, 2010, Baker wrote Decker confirming Decker's guaranty. Decker did not object to the confirmation. On August 23, 2010, Decker's cousin defaulted on the note and Baker demanded that Decker honor the guaranty. Decker refused. Which of the following statements is correct?