Jones v. Bolles was a United States Supreme Court case that was decided in 1869. The case involved a dispute between two parties over a contract for the sale of a steamboat. The plaintiff, Jones, had entered into a contract with the defendant, Bolles, to purchase a steamboat for $2,000. Jones had paid $1,000 as a down payment and was to pay the remaining $1,000 upon delivery of the boat. However, Bolles failed to deliver the boat and Jones sued for breach of contract. The Supreme Court held that Jones was entitled to recover the $1,000 down payment, plus interest, from Bolles. The Court reasoned that the contract was valid and binding, and that Jones had performed his part of the agreement by making the down payment. The Court also held that Bolles had breached the contract by failing to deliver the boat, and that Jones was entitled to damages for the breach. The Court's decision in Jones v. Bolles established the principle that a party who breaches a contract is liable for damages, even if the other party has not yet performed their part of the agreement. This case is still cited today as an example of the importance of upholding contracts and enforcing their terms.

In Jones v. Bolles, the Supreme Court was asked to decide whether a contract between two parties could be enforced if it had been made without consideration or legal formality. The majority opinion held that the contract should not be enforced because it lacked sufficient consideration and did not meet all of the necessary formalities required by law. However, Justice Field dissented from this decision and argued that contracts are binding even when they lack consideration or legal formality as long as both parties agree to them in good faith. He reasoned that such agreements should still be enforceable since they were voluntarily entered into by both sides with an expectation of performance on their part. Furthermore, he noted that enforcing these types of informal contracts would promote fairness and justice for those involved in similar situations where one party has already performed his obligations under an agreement but is unable to receive compensation due to its lack of legality or formality.