LANDOVER, Md. (AP) The Washington Bullets, by passed by Jimmy Jones seven years ago, have finally signed the former All-Star guard from the rival American Basketball Association. Already rated a title threat In the National Basketball Associ ation is center Wes Unseld can stay healthy, the Bullets strengthened their depth con siderably with their latest ac quisition. Jones played the past three seasons for the Utah Stars of the ABA, but the Bullets issued a statement saying their attor neys were convinced that Utah “had clearly failed to validly exercise its option for the 1974- 75 season.” As a result, the Bullets claimed, Jones became a free agent as of Oct. 1, and two weeks of negotiations culmi nated with the signing of a mul ti-year contract on Wednesday. Jones arrived at the Capital Centre about 30 minutes prior to Wednesday night's game, and sank his first NBA shot j just 18 seconds after entering as a substitute. That was his only contribu tion in two minutes of action as unbeaten Washington recorded its third consecutive victory by beating the Houston Rockets 99- 95. “We did not Sign Jones with the thought of filling any specif ic needs,” said General Man ager Bob Ferry. “We feel we already have a very strong backcourt. But any time you have the opportunity to add a splayer of Jones’ caliber, you can’t pass it up.”