In Covington Stock-Yards Company v. Keith, the Supreme Court of the United States was asked to decide whether a contract between two parties was valid and enforceable. The plaintiff, Covington Stock-Yards Company, had entered into a contract with the defendant, Keith, to purchase a certain number of cattle. The contract was made orally and was not in writing. Keith refused to deliver the cattle, claiming that the contract was invalid because it was not in writing. The Supreme Court held that the contract was valid and enforceable. The Court reasoned that the contract was made in good faith and that the parties had acted in reliance on the contract. The Court also noted that the contract was not one that was required by law to be in writing, and that the parties had not agreed that the contract would be in writing. Therefore, the Court held that the contract was valid and enforceable.

Justice Field delivered the dissenting opinion in Covington Stock-Yards Company v. Keith, arguing that the majority's decision was wrongfully based on a misreading of the contract between the parties. He argued that it was clear from reading both contracts together that there had been an agreement to pay for all cattle received by defendant and sold by plaintiff, regardless of whether they were branded or not. Furthermore, Justice Field noted that even if one assumed arguendo that there had been no such agreement as to unbranded cattle, then under Kentucky law plaintiff would still be entitled to recover damages for breach of contract due to defendant’s failure to pay for them. In conclusion, he argued strongly against what he saw as an unjust result reached through a misinterpretation of both contracts and state law which deprived plaintiff of its rightful compensation without any legal justification whatsoever.