In the case of Lucy v. Zehmer (google it), Zehmer spent the night drinking with his friend Lucy. During the evening, a piece of paper was signed whereby Zehmer agreed to sell his farm to Lucy.

Analyze the following:

• Identify the contractual element Zehmer contended was missing.
• Summarize the court ruling and explain the reason for the ruling.
• Agree or disagree with the ruling, and include a rationale to support your ideas.
• Summarize a personal experience in which you entered into a contract that you did not think of as a binding contract at the time. Consider which elements of a contract were in place and which were missing.