In the case of William W. Bierce, Limited v. Waterhouse in 1910, the US Supreme Court dealt with a dispute over a contract for the sale of goods between two parties. The plaintiff, William W. Bierce Ltd., had sold iron pipes to defendant Waterhouse under an agreement that allowed for price adjustments based on fluctuations in market prices at delivery time compared to when the order was placed. However, upon delivery and payment request by Bierce Ltd., Waterhouse refused to pay any additional amount beyond what was initially agreed upon despite significant increases in market prices during this period. The court ruled against William W. Bierce Ltd., stating that while contracts allowing for price adjustments due to changes in market conditions are generally valid and enforceable, they must be explicit about how these adjustments will be calculated or determined; otherwise they would lack "mutuality" - one of essential elements required for a binding contract - as it would leave one party (in this case buyer) uncertain about their obligations under such agreements. This decision underscored importance of clarity and specificity within contractual terms regarding variable pricing mechanisms so as not to render them unenforceable due to uncertainty or ambiguity.

In the dissenting opinion for the case of William W. Bierce, Limited v. Waterhouse in 1910, Justice Holmes disagreed with the majority's decision to uphold a lower court ruling that allowed an insurance company to avoid paying out on a policy due to alleged misrepresentation by the insured party. He argued that there was no evidence of intentional fraud or deceit on part of Mr. Waterhouse and thus it was unfair to penalize him for what could have been an innocent mistake or misunderstanding about his obligations under the policy terms. Furthermore, he pointed out inconsistencies in how similar cases had been handled previously and suggested this indicated bias against Mr. Waterhouse specifically rather than adherence to established legal principles regarding insurance contracts.