What is the common law of contracts?

The common law of contracts is a set of laws written and enforced by the courts in the state of Arizona. It is a body of rules that govern the formation, performance, and enforcement of contracts. It is important to be aware of because many contracts are formed using the common law of contracts. Under the common law of contracts in Arizona, any contract is enforceable if it meets certain criteria. It must be in writing, with both parties’ signatures. It must involve an exchange of goods, services, or promises. It must state what is expected from both parties. Finally, both parties must have the legal capacity to enter into the contract. The common law of contracts also recognizes certain defenses under which a contract can be contested. These defenses include duress, lack of capacity, mistake, misrepresentation, failure of consideration, illegality, unconscionability, and impossibility. The common law of contracts is a very important aspect of contracting in Arizona. It is used to resolve disputes and to protect the rights of both parties. Knowing the common laws of contracts in Arizona can help ensure that any contract is legally enforceable, so it is important to understand them before entering into a contract.

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What is the common law of contracts?

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