In Thomas & Co. v. Wooldridge, 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 Thomas & Co. and Wooldridge, and it was for the sale of a steamboat. Thomas & Co. had agreed to pay Wooldridge $2,000 for the steamboat, but Wooldridge had failed to deliver the boat. Thomas & Co. then sued Wooldridge for breach of contract. The Supreme Court held that the contract was valid and enforceable. The Court noted that the contract was in writing and that it was signed by both parties. The Court also noted that the contract was supported by consideration, meaning that both parties had given something of value in exchange for the performance of the other. The Court held that the contract was binding and that Thomas & Co. was entitled to recover the $2,000 from Wooldridge. In conclusion, the Supreme Court held that the contract between Thomas & Co. and Wooldridge was valid and enforceable. The Court held that Thomas & Co. was entitled to recover the $2,000 from Wooldridge for breach of contract.

Justice Field delivered the dissenting opinion in Thomas & Co. v. Wooldridge, arguing that the majority's decision was contrary to established law and precedent. He argued that a contract between two parties should be enforced according to its terms unless there is some legal reason why it cannot be done so, such as fraud or illegality. In this case, he argued that there was no evidence of either fraud or illegality on behalf of either party and thus the contract should have been enforced as written by both parties. Furthermore, Justice Field noted that if one party were allowed to unilaterally alter an agreement after it had already been made without any legal justification for doing so then all contracts would become unenforceable due to uncertainty over their validity and enforceability at any given time. As such, he concluded that the lower court's ruling should have been upheld since it correctly applied existing law in enforcing the original agreement between Thomas & Co., Wooldridge and his assignees despite subsequent changes being made by one side without consent from all involved parties