W. O. Lucy and A. H. Zehmer had known each other for many years. For some time, Lucy had wanted to buy Zehmer's farm, but Zehmer had always said that he was not interested in selling. One night, Lucy stopped in to visit with the Zehmers at a restaurant they operated. Lucy said to Zehmer, "I bet you wouldn't take $50,000 for that place." Zehmer replied, "Yes, I would, too; you wouldn't give fifty." Throughout the evening, the conversation returned to the sale of the farm. All the while, the parties were drinking whiskey. Eventually, Zehmer wrote up an agreement on the back of a restaurant check for the sale of the farm, and he asked his wife, Ida, to sign itwhich she did. When Lucy later brought an action in a Virginia state court to enforce the agreement, Zehmer argued that he had been "high as a Georgia pine" at the time and that the offer had been made in jest. Lucy claimed that he had not been intoxicated and did not think Zehmer had been either, given the way Zehmer handled the transaction. The trial court ruled in favor of the Zehmers, and Lucy appealed. The state supreme court affirmed. The agreement to sell the farm was binding. The court found that the appearance and completeness of the agreement, and the signing of it, all indicated that a serious business transaction had taken place.

Note: Can you please answer this question using IRAC( Issue, Rule of Law, Analysis, and Conclusion) format. Because then it will be easy for me to understand the case a a lot better.