What is the common law of contracts?

The common law of contracts is a set of legal rules that apply to contractual relationships in Nebraska. These rules come from court decisions over time and are based on the concept of fairness. The first rule of the common law of contracts is that promises must be kept. Promises create enforceable agreements if they are made with the intention of being bound, and under the common law, a promise made by one party must be fulfilled by the other. The second rule of the common law of contracts is that consideration must exist for a contract to be valid. Consideration is something of value that must be exchanged between the two parties in the agreement, and the law requires that it be fair and reasonable. The third rule of the common law of contracts is that both parties must have the capacity to enter into the agreement. This means that both parties must be able-minded and understand the consequences of the agreement. The fourth rule of the common law of contracts is that the agreement must not violate public policy. For example, if a contract requires one party to engage in illegal activities, the contract is unenforceable. Finally, the fifth rule of the common law of contracts is that the agreement must be in writing. In some cases, oral agreements may be legally binding, but a written agreement is more secure and makes it easier to prove the terms of the contract.

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What is the common law of contracts?

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