JOHN R. BROWN, Circuit Judge:
This case arises from a transaction or series of transactions among appellant Otter Oil Company (Otter), appellee Exxon Company, U.S.A. (Exxon), and a third entity, Crosby Chemicals, Inc. (Crosby). Their course of dealings is set out in a series of separate writings. The particular documents at issue in this case are: (i) a letter from Otter to Exxon dated December 20, 1983 (the "Letter Agreement"
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