SEO from links in frames?

[lighttable]

A site was considering linking to us. Their web page is delivered entirely via frames. Humans can see the links on the page, but it's not visible in source.

I'm guessing it means Google can't detect the links, and there is no SEO effect, but I wanted to confirm. Here's the site:

http://www.uofc-ulsa.tk/

Example links are the Princeton Review and Kaplan on the right sidebar.

Here's the source code:

view-source:http://www.uofc-ulsa.tk/

Do those links have any SEO impact?

[Anita_Clark]

Check out this resource for more information: http://www.seomoz.org/q/are-google-now-indexing-iframes