Blakely Oil & Fertilizer Co. v. Proctor & Gamble Co.

The plaintiff in error, through its secretary and treasurer, signed a writing whereby it sold to the defendant in erroj> 2 tanks of crude cottonseed oil, containing 13,326 gallons, at 33^ cents per gallon “on basis of ‘prime’” and providing: “Any difference between buyer and seller under this contract subject to Arbitration before Memphis Merchants Exchange, Memphis, Tenn.” The buyer paid for the oil at the stipulated price, and on its arrival at destination a dispute arose as to the quality of the oil and what allowance from the contract price should be allowed the buyer. The seller (through…