John Gray, Respondents and Appellants v. the Central Railroad Company of New Jersey, Appellant and Respondent

Summary

The New York Court of Appeals affirmed the lower court's judgment that the plaintiffs are entitled to damages measured by the contract price minus the boat's actual value, but held that interest on those unliquidated damages was not recoverable because a market value could not be satisfactorily established. Justice Gray wrote the majority opinion and Justice O’Brien dissented, arguing that interest should be awarded.