James Clark McReynolds

“ It is only because of the dominant public interest that one who, like respondent, has had the benefit of performance by the other party will be permitted to avoid his own promise.'
The protean basis underlying this doctrine has often been stated thus-No one can lawfully do that which tends to injure the public or is detrimental to the public good. If it definitely appears that enforcement of a contract will not be followed by injurious results, generally, at least, what the parties have agreed to ought not to be struck down. ”

“ Here the clear legislative purpose was protection of innocent purchasers of securities. They are given definite remedies inconsistent with the idea that every contract having relation to sales of unregistered shares is absolutely void; and to accept the conclusion reached by the Supreme Court below would probably seriously hinder rather than aid the real purpose of the statute. ”

“ The Supreme Court of Idaho thought the evidence sufficient to show a public offering and, for present purposes only we may accept that view.
No provision of the Act declares that in the absence of registration, contracts in contemplation of or having relation to a public offering shall be void. If there has been no registration, it penalizes the doing of certain designated things-use of the mails, instrumentalities of interstate commerce, etc. ”