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ELKADER COOPERATIVE COMPANY v. MATT

No. 55174.

204 N.W.2d 873 (1973)

ELKADER COOPERATIVE COMPANY, Appellee, v. Francis MATT, Appellant.

Supreme Court of Iowa.

February 21, 1973.

Attorney(s) appearing for the Case

Fuerste & Carew, Dubuque, for appellant.

Donohue Law Office, and J. S. Updegraff, West Union, for appellee.

Considered en banc.

LeGRAND, Justice.

This case involves the distinction between an oral agreement which is itself a contract and one which is only preliminary to a written contract to follow.

Plaintiff Elkader Cooperative Company (the Cooperative) buys corn from farmers for future delivery. It immediately resells the corn for a two-cent per bushel markup to the Farmers Grain Dealers Elevator at McGregor, Iowa (the Elevator). Defendant Francis Matt, a farmer, was familiar with...

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