This section contains the nature of the case and procedural background.

American Cotton Shippers (D) agreed to purchase cotton planted by the plaintiffs (P) on specific acreage at a price agreed upon between January and March of 1973. The price of cotton doubled, and P sued to get out of the contracts. P sought a declaratory judgment annulling the cotton sales contracts. P contends that the cotton buyers had inside information at the time they contracted with P and that certain factors would coincide and drive the price of cotton to the lever that it had never before reached. The record does not hold this conclusion to be true.

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