What was the ruling of SCOTUS in Fletcher v. Peck regarding the grant to the private land company?

The ruling in Fletcher v. Peck was significant in establishing the protection of contracts under state law. The Supreme Court determined that the grant to the private land company constituted a contract, and therefore, under the Constitution, it could not be invalidated by subsequent legislation. This case was pivotal as it marked one of the first times the Supreme Court struck down a state law for violating the Contract Clause of the Constitution. The decision underscored the importance of protecting private contracts from state interference, emphasizing that once a legal grant is made, it cannot be arbitrarily revoked or altered by the state. This precedent set the stage for future cases related to contracts and property rights, reinforcing the idea that states are bound to honor previous agreements they have entered into.