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Use the IRAC Formula to cover the rule of law and apply

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While Avery and Ida Zehmer, husband and wife, were drinking with W.O. Lucy, Mr. Zehmer made a written offer to sell a 471-acre farm the Zehmers owned to Lucy for $50,000. Zehmer contends that his offer was made in jest and that he only wanted to bluff Lucy into admitting that he did not have $50,000. Instead, Lucy appeared to take the offer seriously, offered $5 to bind the deal, and had Mrs. Zehmer sign it. When the Zehmers refused to perform the contract, Lucy brought this action to compel specific performance of the contract. Is this contract enforceable? [Lucy v. Zehmer 84 S.E. 2d 516 (Va. App. 1954)]

Please use the IRAC formula. Issue, Rule, Application, Conclusion.

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The expert uses the IRAC formula to cover the rule of law and applies it to the situation.

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While Avery and Ida Zehmer, husband and wife, were drinking with W.O. Lucy, Mr. Zehmer made a written offer to sell a 471-acre farm the Zehmers owned to Lucy for $50,000. Zehmer contends that his offer was made in jest and that he only wanted to bluff Lucy into admitting that he did not have $50,000. Instead, Lucy appeared to take the offer seriously, offered $5 to bind the deal, and had Mrs. Zehmer sign it. When the Zehmers refused to perform the contract, Lucy brought this action to compel specific performance of the contract. Is this contract enforceable?
[Lucy v. Zehmer 84 S.E. 2d 516 (Va. App. 1954)]

ISSUE: Whether a contract that is signed and valid is still binding if ...

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