Jaffray v. McGehee was a United States Supreme Court case that dealt with the issue of whether a contract between two parties was valid. The case involved a contract between Jaffray and McGehee, in which Jaffray agreed to pay McGehee a certain amount of money in exchange for McGehee's promise to pay Jaffray a certain amount of money at a later date. The Supreme Court held that the contract was valid and enforceable, and that McGehee was obligated to pay Jaffray the amount of money specified in the contract. The Supreme Court's decision was based on the fact that the contract was clear and unambiguous, and that both parties had agreed to the terms of the contract. The Court also noted that the contract was not unconscionable or against public policy, and that both parties had the capacity to enter into the contract. The Court also noted that the contract was not voidable due to any fraud or misrepresentation. In conclusion, the Supreme Court held that the contract between Jaffray and McGehee was valid and enforceable, and that McGehee was obligated to pay Jaffray the amount of money specified in the contract. The Court's decision was based on the fact that the contract was clear and unambiguous, and that both parties had agreed to the terms of the contract.

Justice Field delivered the dissenting opinion in Jaffray v. McGehee, arguing that the majority had failed to consider an important aspect of the case: whether or not a contract between two parties was valid and enforceable. He argued that it was necessary for courts to determine if there were any legal impediments preventing either party from entering into such a contract before deciding on its validity. In this particular case, he noted that while both parties agreed to enter into a contract, they did so without considering certain laws which prohibited them from doing so due to their respective positions as public officers and private citizens. As such, Justice Field concluded that since these laws prevented either party from legally entering into such an agreement, then it should be considered void and unenforceable by law regardless of what each individual intended when signing it.