In Hideca Petroleum Corp. v. Tampimex Oil Int'l, Ltd., 740 S.W.2d 838 (Tex. App.--Houston 1st Dist. 1987, no writ), Tampimex Oil and Hideca Trading entered into a contract for the purchase of oil.
The trial court found and the appellate court agreed that Hideca Petroleum was also a party to and bound by the contract. Hideca Petroleum represented to Tampimex that it would designate a vessel to receive the oil and provide the necessary letter of credit. In reliance on these representations, Tampimex purchased the oil from a supplier. Id. at 841.
Hideca Petroleum was unable to obtain the letters of credit and the deal fell through.
The court held that Hideca Petroleum, "as the supplier of information in the course of its business for the guidance of Tampimex in its business, owed a duty to Tampimex to exercise reasonable care in obtaining and communicating correct and reliable information, as well as a duty to perform competently its obligations assumed under the contract." Id. at 847.