Preheat oven to 350°F. Grease and flour a 9-inch round cake pan. Cut a round piece of parchment paper and place it in the bottom of the prepared cake pan. Also, grease and flour the parchment paper.
Sift together the flour, baking powder, baking soda, and salt and set aside.
In an electric mixer bowl, combine the eggs, sugar, and lime zest and beat on medium speed for 3-4 minutes until well combined.
In a large measuring cup, combine the lemon juice, milk, vanilla, and olive oil and stir to combine.
Add 1/3 of the flour mixture to the sugar mixture and mix on low speed until just combined.
Then add 1/3 of the liquid mixture and combine. Alternate the dry and liquid mixtures, then combine on low until all is added, and the batter is smooth.
Pour the batter into the prepared pan. Tap the pan on the countertop to remove air bubbles.
Place the pan in the oven and bake for 35 to 40 minutes or until a toothpick inserted into the center of the cake comes out clean. The cake top will be pale yellow.
Let the cake cool for 10 minutes, then turn it out on a rack to finish cooling. Remove and discard the parchment paper.
Citrus Sauce
In a microwaveable container, heat the heavy cream for 30 seconds. The cream should be steaming hot. If not, microwave for a few more seconds.
Add the chocolate chips to the hot cream. Stir until completely melted.
Add the Key lime juice and stir.
Pour over the cooled cake.
Garnish with lime slices.
Notes
Substitutions
If Key limes are unavailable, use the zest and juice from regular limes. You can also use a bottled Key lime juice, such as Nellie and Joe's Famous Key Lime Juice.
Oil Olive
Use a light or fruity olive oil. Some brands will specify for baking on their labels.
Greasing Parchment Paper
When you go the extra step of greasing and flouring a parchment paper liner to place on top of the already prepared pan, you ensure the cake will release from the pan without damage.
Key Limes
Key limes are smaller than regular Persian green limes and turn yellow when they are ripe.