In Oliver and Daniel R. Garrison v. The Memphis Insurance Company, the appellants argued that they had a valid policy with the insurance company for their steamboat, which was destroyed by fire in 1851. They claimed that the insurer had failed to pay them what was due under the terms of their policy and sought damages from them as a result of this breach of contract. The Supreme Court held that there was no evidence presented to show any fraud or bad faith on behalf of either party in entering into or executing the agreement; therefore, it affirmed the judgment rendered by lower court awarding damages to appellants based upon an implied warranty contained within their contract with insurer.

In the case of Oliver and Daniel R. Garrison v. The Memphis Insurance Company, the appellants argued that they were entitled to a refund from an insurance policy due to their failure to pay premiums on time. However, the Supreme Court disagreed with this argument and held that since there was no provision in the contract allowing for refunds or extensions of payments, then none could be given by either party. Furthermore, it was ruled that even if such provisions had been included in the contract, they would have been void as against public policy because it would encourage people not to pay their debts on time or at all. As such, the court concluded that neither side could claim any right under these circumstances and dismissed both parties' claims accordingly.