Contracts in Common Law

Contracts in common law are legally binding agreements between two or more parties. They are formed when one party makes an offer, and the other accepts it, often involving a promise to do something or provide a service in exchange for compensation. Essential elements include mutual consent, a lawful purpose, consideration (something of value exchanged), and the capacity of parties to contract. If one party fails to fulfill their obligations, the other may seek legal remedies. Common law principles govern these contracts, ensuring fairness and predictability in business and personal transactions.