Significance of The Case
Laidlaw has been recognized by U.S. legal scholars as a central case in the history of U.S. contract law. It was the first case in which the Supreme Court adopted the rule of caveat emptor and "was one of the first cases to come before the Court involving a contract for future delivery of a commodity." This is also the first case that starts to articulate a doctrine of forbidding active concealment.
Laidlaw has been cited by 110 different cases, and maintains great importance in U.S. legal scholarship and education (including law school Contracts courses). It has also appeared over a hundred times in law review articles, appellate court briefs, and other academic materials.
Laidlaw has also faced criticism from an economic perspective on the idea that nondisclosure of information that will shortly become public does not encourage overall efficiency because it merely affects distribution. Earlier disclosure could have resulted in more efficient planting decisions by farmers, and nondisclosure only served to enrich Organ.
Trivia: Organ, the vendee, was represented by Francis Scott Key.
Read more about this topic: Laidlaw V. Organ
Famous quotes containing the words significance of the, significance of, significance and/or case:
“It is necessary not to be Christian to appreciate the beauty and significance of the life of Christ.”
—Henry David Thoreau (1817–1862)
“To grasp the full significance of life is the actor’s duty, to interpret it is his problem, and to express it his dedication.”
—Marlon Brando (b. 1924)
“Politics is not an end, but a means. It is not a product, but a process. It is the art of government. Like other values it has its counterfeits. So much emphasis has been placed upon the false that the significance of the true has been obscured and politics has come to convey the meaning of crafty and cunning selfishness, instead of candid and sincere service.”
—Calvin Coolidge (1872–1933)
“True and false are attributes of speech not of things. And where speech is not, there is neither truth nor falsehood. Error there may be, as when we expect that which shall not be; or suspect what has not been: but in neither case can a man be charged with untruth.”
—Thomas Hobbes (1588–1679)