Is the buyer''s early knowledge of treaty socially valuable

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The famous case of Laidlaw v. Organ (15 U.S. 178, 1817) concerned a contract in which a merchant in New Orleans, after receiving private information about the treaty ending the War of 1812, ordered a quantity of tobacco at a preset price. When the information became public, ending the naval blockade of New Orleans, the price of tobacco shot up, and the seller sought to invalidate the contract. Is the buyer's early knowledge of the treaty socially valuable or purely distributive? (Assume the buyer did nothing with this information besides forming the contract.) How should the court rule in this case? How would your answer be affected (if at all) by knowledge about the manner in which the information was acquired?

Reference no: EM131227453

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