Bolin Farms v. American Cotton Shippers Association case brief summary
370 F. Supp. 1353
SYNOPSIS:
In plaintiff farmers' action challenging the validity of contracts they executed by which they agreed to sell defendant purchasers' their cotton at a certain price, summary judgment motions were filed.
OVERVIEW: The farmers entered into forward sales contracts with the purchasers, by which they agreed to sell their cotton to the purchasers at a fixed price. After the price of cotton doubled, the farmers sought a declaration that the contracts were null and void so that they could obtain a better price for the cotton. On motions for summary judgment, the court entered judgment for the purchasers.
HOLDING:
The court held that whatever caused the price of cotton to rise after the contracts were executed had no relevancy to the contracts' validity.
ANALYSIS:
The court held that the contracts were valid and enforceable given that the parties were willing to sell and buy, were adults, were experienced in dealing with forward sales contracts in an open and competitive market. The court held that the purchasers were entitled to specific performance under Louisiana law and ordered the farmers to deliver the cotton in accordance with the contracts.
OUTCOME: Judgment was entered in favor of the purchasers and the farmers were ordered to deliver the cotton as provided for by the contracts.
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370 F. Supp. 1353
SYNOPSIS:
In plaintiff farmers' action challenging the validity of contracts they executed by which they agreed to sell defendant purchasers' their cotton at a certain price, summary judgment motions were filed.
OVERVIEW: The farmers entered into forward sales contracts with the purchasers, by which they agreed to sell their cotton to the purchasers at a fixed price. After the price of cotton doubled, the farmers sought a declaration that the contracts were null and void so that they could obtain a better price for the cotton. On motions for summary judgment, the court entered judgment for the purchasers.
HOLDING:
The court held that whatever caused the price of cotton to rise after the contracts were executed had no relevancy to the contracts' validity.
ANALYSIS:
The court held that the contracts were valid and enforceable given that the parties were willing to sell and buy, were adults, were experienced in dealing with forward sales contracts in an open and competitive market. The court held that the purchasers were entitled to specific performance under Louisiana law and ordered the farmers to deliver the cotton in accordance with the contracts.
OUTCOME: Judgment was entered in favor of the purchasers and the farmers were ordered to deliver the cotton as provided for by the contracts.
---
Interested in learning how to get the top grades in your law school classes? Want to learn how to study smarter than your competition? Interested in transferring to a high ranked school?
-->
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