In the 1894 case of Rich v. Braxton, the United States Supreme Court dealt with a dispute over land ownership in Virginia. The plaintiff, Rich, claimed that he had purchased the property from its rightful owner and was therefore entitled to possession. However, the defendant, Braxton argued that he held a superior title to the land based on an earlier transaction involving his ancestors who were African American slaves at that time. The lower court ruled in favor of Braxton but upon appeal by Rich; it reached up to Supreme Court. The main issue before the Supreme Court was whether or not former slaves could legally own property under Virginia law during slavery era and pass it down through inheritance after emancipation. In its decision, SCOTUS upheld lower court's ruling stating that despite being enslaved at one point in time did not prevent them from acquiring valid legal rights including owning properties once they became free citizens post-emancipation period. This landmark judgment recognized and affirmed property rights for formerly enslaved individuals which played a significant role towards racial equality within American society.

In the dissenting opinion for Rich v. Braxton, it was argued that the majority's ruling failed to properly consider and apply principles of equity. The dissenting justices believed that a contract should not be enforced if its terms are unconscionable or oppressive, particularly when one party has taken advantage of another's distress or necessity. They contended that in this case, Mr. Rich had exploited Mr. Braxton’s financial difficulties to secure an unfair agreement which allowed him to purchase valuable property at a significantly reduced price without providing adequate consideration in return. This viewpoint held that such contracts were contrary to public policy and should be set aside by courts as inequitable transactions rather than being upheld under strict legal formalities.