This US Supreme Court case involved a dispute between two parties over a contract for the sale of a steam engine. The plaintiffs, Bussey and another, had contracted with the defendant, Excelsior Manufacturing Company, to purchase a steam engine. The contract specified that the engine was to be delivered to the plaintiffs within a certain time frame. However, the engine was not delivered within the specified time frame, and the plaintiffs sued the defendant for breach of contract. The Supreme Court held that the defendant was liable for breach of contract. The Court found that the defendant had failed to deliver the engine within the specified time frame, and that the plaintiffs were entitled to damages for the breach. The Court also held that the defendant was not entitled to any set-off or counterclaims, as the contract did not provide for such. The Court also held that the defendant was not entitled to any damages for the delay in delivery, as the contract did not provide for such. In conclusion, the Supreme Court held that the defendant was liable for breach of contract and that the plaintiffs were entitled to damages for the breach. The Court also held that the defendant was not entitled to any set-off or counterclaims, nor any damages for the delay in delivery.

In Bussey & Another v. Excelsior Manufacturing Company, the Supreme Court was tasked with determining whether a contract between two parties was valid and enforceable. The majority opinion of the court held that it was not, as there had been no consideration given in exchange for its execution. However, Justice Field dissented from this decision on the grounds that consideration did exist in the form of an existing debt owed by one party to another which would be extinguished upon signing of said agreement. He argued that such an arrangement should be considered sufficient to make a contract binding under law and thus should have been enforced by the court. Ultimately, his dissent went unheeded and so it became established precedent that any contracts must contain some form of new or additional consideration in order to be legally binding