John W. Lodge Distributing Co. v. Texaco, Inc.

McGraw, Justice:

On December 1, 1963, John W. Lodge Distributing Company, Inc., a corporation, entered into a written consignment agreement with Texaco, Inc., a corporation, whereby Lodge would act as a distributor of Texaco’s petroleum products. Pertinent to this case is the eighth section of this written agreement which reads:

1. This agreement shall continue in full force and effect until terminated by either party on five (5) days’ written notice ...

2. Any and all agreements heretofore existing between Consignee and Consignor respecting compensation from sale of Consignor’s products are…