Loeb and Co., Inc. v. Martin

FAULKNER, Justice.

This is an appeal from an order of the Circuit Court of Lawrence County denying Loeb’s motion for new trial. We reverse.

THE FACTS

Martin entered into a forward contract to sell cotton to Loeb for 33 cents per pound. When time came to deliver, a dispute arose between Martin and Loeb as to how much cotton Loeb purchased under the contract. We set out the facts leading to the dispute.

In March, 1973, Loeb’s agent, Agnew, learned that Martin wanted to sell his cotton for 33 cents a pound. Agnew telephoned Martin and asked him if he would take 33 cents for his cotton. Martin…