McMILLIAN, Circuit Judge. Appellants A.B. Medical, Inc., Ray Aubrey and Creighton Beddow (hereinafter collectively AB) appeal from a final order entered in the United States District Court1 for the District of Minnesota granting summary judgment in favor of appellee, Orthomet, Inc. The district court held that the statute of frauds bars AB from asserting a cause of action for breach of contract and that neither Minnesota nor Florida law recognizes an independent cause of action for breach of an implied covenant of good faith and fair dealing. Orthomet, Inc. v. A.B. Medical, Inc., No. 4-90-691, slip op. at 12-16 (D. Minn. Feb. 5, 1992) (memorandum and order). For reversal, AB argues that the district court erred in (1) holding, as a matter of law, that enforcement of the parties’ contract was barred by the statute of frauds, (2) rejecting the parties’ contract as too indefinite to enforce, (3) rejecting the doctrine of estoppel, and (4) holding that there is no independent cause of action for breach of an implied covenant of good faith and fair dealing. For the reasons discussed below, we affirm the judgment of the district court.