Willard v. Presbury was a United States Supreme Court case that dealt with the issue of whether a contract was valid when it was made without consideration. The case involved two parties, Willard and Presbury, who had entered into a contract in which Willard agreed to pay Presbury a certain sum of money in exchange for a piece of land. Presbury had already owned the land prior to the contract, and thus there was no consideration given by him in exchange for the money. The Supreme Court held that the contract was valid, despite the lack of consideration. The Court reasoned that the contract was made in good faith and that the parties had intended to be bound by it. The Court also noted that the contract was not made with the intention of defrauding either party, and that the parties had acted in a reasonable manner. The Court's decision in Willard v. Presbury established that a contract can be valid even if it is made without consideration. This decision has been cited in numerous subsequent cases, and it has become an important precedent in contract law.

In Willard v. Presbury, the Supreme Court was tasked with determining whether a contract between two parties could be enforced when one of the parties had been induced to enter into it by fraudulent representations made by the other party. The majority opinion held that since fraud had been committed, the contract should not be enforced and damages should be awarded to compensate for any losses incurred as a result of entering into it. However, Justice Field dissented from this ruling on several grounds. He argued that although fraud may have occurred in inducing one party to enter into an agreement, if both sides were aware of its terms and conditions at the time they entered into it then there is no reason why those terms cannot still remain binding even though some form of deception or misrepresentation was used in obtaining them. Furthermore, he noted that enforcing such contracts would help ensure fairness among all involved while also providing greater certainty regarding contractual obligations which are essential for economic stability and growth within society as a whole.