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Quick update: spoke with a buddy of mine and here's his (non definitive) answer --
The content might be legal in the place where it is bought HOWEVER, if the content provider is based in a place where it is ILLEGAL to produce hardcore, he/she can "legally" stiff you because the contract is "void ab initio" (ie., fails to form) because the subject matter is illegal. Kind of like going into a contract to do something illegal or buy something illegal. US courts won't enforce it, good luck trying to get it enforced in the foreign jurisdiction (they might throw YOU in jail for trying to contract the production of illegal material)
Definitely consult with an attorney BEFORE you go into a deal with somebody who produces illegal hardcore porn overseas. This is NOT legal advice... if you're uncertain, consult with an attorney first.
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