Laidlaw v. Organ

British embargo of American exports were still in effect as of 1815. Without access to British markets, prices for American tobacco were depressed.

In February 1815, Mr. Organ was negotiating to purchase tobacco from Laidlaw & Company. However, the night before, Organ had learned that a peace treaty had been signed between Britain & America. (In those days, news would take a long time to travel.)

Organ knew that as soon as the news reached Laidlaw in the United States, tobacco prices would go up because of the new demand from the British market.

Organ told Laidlaw that he knew nothing about any pending market prices while completing the transaction to buy 111 hogsheads of tobacco (120,000 pounds).