Question:
Mr. Lucy and Mr. Zehmer were talking at a restaurant. After a couple of drinks, Lucy asked Zehmer if he had sold the Ferguson farm. Zehmer replied that he had not and did not want to sell it. Lucy said, “I bet you wouldn’t take $50,000 cash for that farm,” and Zehmer replied, “You haven’t got $50,000 cash.” Lucy said, “I can get it.” Zehmer said he might form a company and get it, “but you haven’t got $50,000 to pay me tonight.” Lucy asked him if he would put it in writing that he would sell him this farm. Zehmer then wrote on the back of a pad, “I agree to sell the Ferguson Place to W. O. Lucy for $50,000 cash.” Lucy said, “All right, get your wife to sign it.” Zehmer subsequently went to his wife and said, “You want to put your name to this?” She said no, but he said in an undertone, “It is nothing but a joke,” and she signed it. At that time, Zehmer was not too drunk to make a valid contract. The Zehmers refused to convey legal title to the property, and Lucy sued for specific performance. What defense would the Zehmers use in the suit? Who should win the suit?