In Hoover, Assignee v. Wise et al., the Supreme Court of the United States was asked to decide whether a contract between two parties was valid and enforceable. The contract in question was between a debtor, Wise, and his assignee, Hoover. The contract stated that Wise would pay Hoover a certain amount of money in exchange for the release of a debt. The Supreme Court held that the contract was valid and enforceable. The Court reasoned that the contract was made in good faith and that both parties had the capacity to enter into the contract. Furthermore, the Court found that the contract was not against public policy and that it was not unconscionable. The Court concluded that the contract was valid and enforceable and that Wise was obligated to pay Hoover the amount of money specified in the contract. The Court also held that Wise was not entitled to any set-off or counterclaim against Hoover. This decision established that contracts between assignees and debtors are valid and enforceable.

In the case of Hoover, Assignee v. Wise et al., Justice Field delivered a dissenting opinion in which he argued that the majority's decision was contrary to established precedent and would lead to an unjust result. He noted that under prior decisions of this Court, when a party has been induced by fraud or mistake to enter into a contract, they are entitled to relief from its obligations even if there is no consideration for their promise. In this case, it had been found as fact that Wise had entered into his agreement with Hoover without knowledge of any fraudulent representations made by him; thus, according to Field's view of the law at the time, Wise should have been relieved from his obligation on equitable grounds regardless of whether or not there was consideration for his promise. Furthermore, Field argued that allowing parties who have acted innocently and without fault in entering into contracts be held liable despite lack of consideration would create an injustice since such persons could not protect themselves against being taken advantage through fraud or misrepresentation due to their ignorance thereof.