Ralli-Coney, Inc. v. Derryal Gates

JOHN R. BROWN, Chief Judge:

This is a diversity case and once again the Fifth Circuit has been compelled to ride on the winding and often perilous tracks of the Erie Railroad. Fortunately, our engineer, the trial court, with an eye to the rather sparse Mississippi precedent and to the Uniform Commercial Code as adopted by Mississippi and a firm hand on the ever present throttle of generally accepted principles of contract law has made our trip a safe one and accordingly we affirm.

This case involves a standard “forward” contract for the sale of cotton not yet grown. Typically, three parties are…