Pike v. Wassell is a United States Supreme Court case that was decided in 1877. The case involved a dispute between two parties over the ownership of a horse. The plaintiff, Pike, had purchased the horse from the defendant, Wassell, but Wassell later claimed that the horse had been stolen from him. The Supreme Court held that Wassell had failed to prove that the horse had been stolen from him. The Court noted that Wassell had not provided any evidence that the horse had been stolen, and that the horse had been in Pike's possession for a long period of time. The Court also noted that Wassell had failed to take any action to recover the horse until after Pike had purchased it. The Court concluded that Wassell had failed to prove that the horse had been stolen from him, and that Pike was the rightful owner of the horse. The Court held that Pike was entitled to keep the horse and that Wassell was not entitled to any compensation for the horse.

In Pike v. Wassell, the Supreme Court was asked to decide whether a contract between two parties was valid and enforceable. The majority opinion held that the contract in question was not legally binding because it lacked consideration and mutuality of obligation. Justice Field dissented from this ruling, arguing that there had been sufficient consideration given for the agreement to be enforced as a valid contract under state law. He argued that even though one party did not receive any immediate benefit from entering into the agreement, they still provided something of value by agreeing to perform certain duties or obligations in exchange for future benefits or services promised by another party. Furthermore, he noted that both parties were mutually obligated under their terms; each side had an expectation of performance on behalf of the other which constituted adequate consideration for enforcing such contracts according to established legal precedent at the time.