Facts
Organ purchased 111 hogsheads of tobacco (111,000 pounds) from Laidlaw & Co. on February 18, 1815. The purchase was made between 8 and 9am on the same day that news broke that a peace treaty had been accepted between America and Britain, ending the War of 1812 and lifting a naval embargo that had drastically depressed the price of American tobacco by 30 to 50 percent. Organ was aware of the lifting of the embargo because his brother had informed him earlier that morning. Laidlaw was not aware of the news. During the discussion of the contract Organ was asked if he was aware of any reasons for the price to be higher; Organ stayed silent over the news of the embargo lifting. The subsequent rise in tobacco prices after the signing of the contract incurred a large relative loss on the sale, compared to the tobacco's next-day value. Two days later, on the 20th, Laidlaw & Co. repossessed the tobacco by force from Organ. Organ filed suit for breach of contract to regain the tobacco or be awarded damages.
Read more about this topic: Laidlaw V. Organ
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