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Smith v. Bolles

Supreme Court of the United States
132 U.S. 125 (1889)


Facts

Richard Bolles (plaintiff) purchased four thousand shares of mining stock at $1.50 per share from Lewis Smith (defendant). Bolles sued Smith for fraudulent representations regarding the value of the stock. Bolles alleged that the stock would have been worth $10 per share if the stocks were actually as represented by Smith. Bolles alleged that, in fact, the shares were worthless at the time of the sale and when the lawsuit was filed. The trial court instructed the jury that the measure of damages was the difference between the contract price and the reasonable market value if the property had been as represented.

Rule of Law

Issue

Holding and Reasoning (Fuller, C.J.)

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