Philip Peck and William Bellows, trading under the firm of Philip Peck and Company, brought a case against John S. Jenness, John Gage, and John E. Lyon who were trading under the name and firm of Jenness, Gage & Company. The plaintiffs in error alleged that they had purchased goods from defendants on credit with an agreement to pay for them at a certain time; however when payment was due they refused to accept it unless accompanied by interest which was not part of their original agreement. The court found that there was no legal obligation for the plaintiffs to pay interest as it had not been agreed upon originally between both parties so therefore ruled in favor of Philip Peck & Co., ordering that all costs be paid by Jenness et al..

In the case of Philip Peck and William Bellows, copartners trading under the firm of Philip Peck and Company versus John S. Jenness, John Gage, and John E. Lyon trading under the name and firm of Jenness, Gage, and Company (Peck v. Jenness), Justice Wayne delivered a dissenting opinion in which he argued that there was no evidence to support an award for damages against either party in this dispute over a contract between them for goods sold by one to another. He noted that while it is true that contracts should be enforced according to their terms when they are made with full knowledge on both sides as to what those terms are; however here there was no proof presented at trial showing any such agreement or understanding between these parties regarding the sale price or other conditions related thereto. Therefore he concluded that neither side could recover anything from each other based upon this transaction since it had not been established beyond doubt what exactly had been agreed upon by all involved prior to its execution.