What is the common law of contracts?

The common law of contracts is a set of legal principles that govern contracts in California and other states. These principles generally provide the same legal protections to parties who have entered into a contract. The common law of contracts is based on centuries of court cases that have established rules and principles of contract law. This body of law includes basic concepts such as offer, acceptance, consideration, capacity, and enforceability. The requirements of a valid contract are often referred to as the elements of a contract. These are: offer, acceptance, consideration, capacity, and legal purpose. If all of the elements of a contract are present, the contract is generally enforceable. The common law also determines when a breach of contract has occurred and what legal remedies are available to the injured party. The remedies available for a breach of contract often include payment for damages in the form of money or specific performance of the contract. Ultimately, the common law of contracts is a set of principles that provide the legal framework for enforcing contracts in California. It helps ensure that parties who have entered into contracts are held to their promises and protect both parties from harm.

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What is the common law of contracts?

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