This case was a dispute between the Cambria Iron Company and Ashburn over a contract for the sale of iron ore. The contract stated that the ore was to be delivered to the Cambria Iron Company at a certain price. Ashburn failed to deliver the ore, and the Cambria Iron Company sued for breach of contract. The Supreme Court held that the contract was valid and enforceable, and that the Cambria Iron Company was entitled to damages for the breach. The Court also held that the contract was not voidable due to any lack of consideration, as the consideration was sufficient to support the contract. The Court further held that the Cambria Iron Company was entitled to damages for the breach, and that the damages should be calculated based on the difference between the contract price and the market price of the ore at the time of the breach. The Court also held that the Cambria Iron Company was entitled to interest on the damages from the date of the breach.

In the case of Cambria Iron Company v. Ashburn, the Supreme Court was tasked with determining whether a contract between two parties had been breached and if so, what damages should be awarded to the plaintiff. The majority opinion held that there had indeed been a breach of contract and that damages were due to the plaintiff for lost profits resulting from said breach. However, Justice Field dissented on this ruling arguing that while it was true that there had been a breach of contract by one party, no evidence existed as to how much profit would have resulted from performance under said agreement nor could any such amount be reasonably estimated or calculated in order for an award of damages to be made. Therefore he argued against awarding any damages at all since they could not accurately or fairly determined without sufficient proof as to their value.