Common law contracts

Common law contracts are legally binding agreements created under the principles established by court decisions rather than written statutes. They require essential elements, including an offer, acceptance, consideration (something of value exchanged), and the intention to create a legal relationship. These contracts can be written or verbal, but certain types, like real estate agreements, must be in writing. If one party fails to fulfill their obligations, the other may seek remedies, such as damages or enforcement of the contract. Common law contracts are often shaped by precedents set in earlier court cases, which guide future decisions.