In Potts et al. v. Chumasero et al., the Supreme Court of the United States was asked to decide whether a contract between two parties was valid and enforceable. The contract in question was between the plaintiffs, Potts and others, and the defendants, Chumasero and others. The plaintiffs had agreed to pay the defendants a certain sum of money in exchange for the defendants' promise to convey certain real estate to the plaintiffs. The defendants argued that the contract was invalid because it had not been properly executed. The Supreme Court held that the contract was valid and enforceable. The Court noted that the contract had been signed by both parties and that the consideration had been paid. The Court also noted that the contract had been made in good faith and that the parties had intended to be bound by its terms. The Court concluded that the contract was valid and enforceable and that the plaintiffs were entitled to the real estate as promised.

In the case of Potts et al. v. Chumasero et al., the Supreme Court was asked to decide whether a contract between two parties, in which one party agreed to pay for goods and services provided by another, could be enforced when it had been made without consideration or value exchanged from either side. The majority opinion held that such contracts were not enforceable under common law principles because they lacked mutuality of obligation and consideration; however, Justice Field dissented on this point. He argued that while there may have been no immediate exchange of value between the parties at the time of making their agreement, if one party has already performed his part then he should be able to recover damages for breach even though no actual money changed hands initially. In other words, Justice Field believed that courts should recognize past performance as valid consideration in certain cases where an agreement is otherwise fair and equitable but lacks any initial exchange of money or property as required by traditional common law rules governing contracts