Yale law professor Ian Ayres examines Bailey v. West, a quasi-contract case centered on a horse nicknamed Bascom's Folly, as part of his American Contract Law course. The lecture sits within a unit on consideration and its substitutes, focusing on quasi-contract and moral obligation as grounds for recovery when no formal agreement exists. Ayres walks through the facts of the dispute, a horse passed between parties without a clear contract, and uses it to test the limits of unjust enrichment doctrine and when courts will imply an obligation to pay despite the absence of a bargain. The lecture is drawn from Ayres' Coursera courses on American Contract Law and assumes some familiarity with the consideration doctrine covered earlier in the series. It runs about eighteen minutes and includes reference to the underlying case file for students who want the primary source.