Holland v. Shipley was a United States Supreme Court case that addressed the issue of whether a contract between two parties was valid. The case involved a contract between the plaintiff, Holland, and the defendant, Shipley, for the sale of a steamboat. The contract stated that the steamboat was to be delivered to Holland within a certain time frame, and that if it was not delivered, Shipley would be liable for damages. Shipley failed to deliver the steamboat within the specified time frame, and Holland sued for damages. The Supreme Court held that the contract was valid and enforceable, and that Shipley was liable for damages. The Court reasoned that the contract was clear and unambiguous, and that the parties had agreed to its terms. The Court also noted that the contract was supported by consideration, as Holland had paid a portion of the purchase price in advance. The Court's decision in Holland v. Shipley established that contracts are binding and enforceable, and that parties must abide by the terms of the contract. The decision also established that consideration is an important factor in determining the validity of a contract.

In the case of Holland v. Shipley, the Supreme Court was tasked with determining whether a contract between two parties could be enforced despite being made in violation of an existing state law. The majority opinion held that such contracts were not enforceable and thus dismissed the plaintiff's claim for damages. However, Justice Field dissented from this decision on the basis that it would lead to unjust results in certain cases where one party had relied upon another's promise and acted accordingly only to find out later that their agreement was unenforceable due to its illegality under state law. He argued instead for a more equitable approach which allowed courts to consider all relevant facts before deciding whether or not a contract should be enforced even if it violated state laws. Ultimately, his dissent did not sway enough justices and so the majority opinion stood as precedent going forward.