Reguera v. Calderon

In September of 1959 plaintiff’s assignor Aceites Roig, S. A., a Spanish distributor of olive oil, engaged Jose M. Calderon, Inc., a New York food broker, as its agent in the sale of a quantity of Spanish edible olive oil. Jose M. Calderon, Inc., acting as .such agent for Roig, entered into a contract for the sale of the olive oil to Pompeian Olive Oil Corporation of Baltimore, Maryland. Pursuant to the contract, an irrevocable letter of credit was opened by the purchaser in favor of Roig. The letter of credit contained a provision that the olive oil was to be shipped no later than October…