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United States District Court for the Western District of Louisiana - 370 F. Supp. 1353
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The court denied class action certification for a case involving forward sales contracts for cotton, citing Louisiana Civil Code Article 1901, which states that legally entered agreements are binding and cannot be revoked unless by mutual consent or for causes acknowledged by law. The court ruled that forward sale contracts for commodity contracts are valid and lawful, specifically for future delivery of physical commodities such as cotton. The court emphasized the importance of honoring contracts regardless of their terms and recognized that forward selling allows farmers to shift risks to buyers. The Louisiana Civil Code allows for specific performance as a remedy for breach of contract, and the contracts in question are "contracts to sell," which can be enforced through specific performance if there is reciprocal consent of both parties as to the thing, price, and terms, and if the promise to sell is in writing for immovables. The Court has granted the Defendants' request for specific performance by mandatory injunction, requiring the Plaintiffs to deliver the cotton in accordance with the contracts. The plaintiffs argue that crop pledges exist on the cotton produced by some of them, rendering the contracts invalid and unenforceable under Louisiana Civil Code Article 2031.
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