Steamboat Company v. Chase was a case heard by the United States Supreme Court in 1872. The case involved a dispute between the Steamboat Company and the Chase family over the ownership of a steamboat. The Steamboat Company had purchased the steamboat from the Chase family, but the Chases later claimed that the sale was invalid because they had not received full payment for the boat. The Supreme Court ruled in favor of the Steamboat Company, finding that the sale was valid and that the Chases had received full payment for the boat. The Court held that the Chases had accepted the payment in full satisfaction of the sale and that the Steamboat Company had a valid title to the boat. The Court also held that the Chases had no right to reclaim the boat after the sale had been completed. The decision in Steamboat Company v. Chase established that a sale is valid and binding once payment has been accepted in full satisfaction of the sale. This ruling has been cited in numerous cases since then, and it remains an important precedent in contract law.

In the case of Steamboat Company v. Chase, the Supreme Court was tasked with determining whether a contract between two parties could be enforced when it had been made without consideration. The majority opinion held that such contracts were not enforceable because they lacked consideration and thus did not constitute legally binding agreements. However, Justice Field dissented from this ruling on the grounds that there is no reason why an agreement should be invalidated simply because it does not involve any form of payment or other exchange of value. He argued that if both parties are willing to enter into a contract in good faith then it should still be considered valid even if there is no tangible benefit for either party involved in making the agreement. Furthermore, he noted that enforcing these types of contracts would help ensure fairness and prevent one side from taking advantage of another by refusing to honor their obligations after having already received some kind of benefit from them.