Paige v. Banks was a United States Supreme Court case that was decided in 1871. The case involved a dispute between two parties over a contract for the sale of a steamboat. The plaintiff, Paige, had entered into a contract with the defendant, Banks, to purchase a steamboat for $2,000. Banks had agreed to deliver the boat to Paige, but failed to do so. Paige then sued Banks for breach of contract. The Supreme Court held that Banks was liable for breach of contract. The Court found that Banks had failed to fulfill his contractual obligations and that Paige was entitled to damages. The Court also held that Banks was not entitled to any set-off or counterclaims, as he had failed to prove that he had any such claims. The Court's decision in Paige v. Banks established that a party who fails to fulfill their contractual obligations is liable for breach of contract and is not entitled to any set-off or counterclaims. This decision has been cited in numerous subsequent cases and is still relevant today.

In the case of Paige v. Banks, Justice Field delivered a dissenting opinion that argued against the majority's decision to reverse and remand the lower court's ruling in favor of plaintiff William H. Paige. Field argued that there was no evidence presented by either party to show any fraud or misrepresentation on behalf of defendant John S. Banks, nor did he have knowledge of any such fraudulent activity prior to entering into an agreement with Paige for a loan secured by real estate mortgages held as collateral. Furthermore, Field noted that even if it could be proven that Banks had acted fraudulently when obtaining his security interest in the mortgaged property from Paige, this would not necessarily invalidate their contract since it is possible for parties who enter into agreements under false pretenses still remain bound by its terms unless they can prove actual damages resulting from said deception which neither party had done here. As such, Field concluded that reversing and remanding this case was unnecessary and unjustified given these facts at hand