A university is seeking to conduct research on livestock so as to develop a new vaccine which will prevent a particular disease in sheep. A farmer offers to lease four acres of land for a period of five years to the university for the holding of sheep, which will be livestock on which the new drugs can be tested. The farmer agrees to sign a contract prepared by the university lawyers. The contract gives exclusive use of the four designated acres of land to the university, which in turn promises to use the land only for university purposes and not for profit-making purposes. The university will pay $1 per year to the farmer for the right to use the land over the five years. One year into the contract, prices for wool and meat have risen dramatically. The farmer would like to end the contract and take the land back. The farmer believes there was not really a contract between himself and the university since the rent was only $1 per year, which indicates a simple friendly arrangement rather than a binding contract. Can the farmer claim that there is no contract? Give your reasons and references on which you rely