What is the common law of contracts?

The common law of contracts is a body of law that governs contracts in Virginia. This body of law is based upon certain principles that have been determined over centuries of case law and appellate decisions. In essence, the common law of contracts is the result of applying a variety of legal principles to contract agreements. Common law of contracts is based upon a fairly consistent set of rules that are designed to ensure that parties to a contract are able to rely on certain agreed-upon terms. For example, all contracts must include consideration—that is, something of value that is exchanged between the parties—and all contracts must be fair and reasonable in order to be enforceable. Common law principles also provide remedies if one party breaches the contract or fails to fulfill their obligations. Another important principle of the common law of contracts is the concept of privity of contract. This principle requires that all parties to the contract have an obligation to fulfill their terms, and that no third party can be bound by the terms of a contract without their knowledge or consent. This ensures that contract law is applied evenly across all parties involved. Finally, the common law of contracts establishes the concept of contractual capacity. This requires that all parties to a contract must be of legal age, mentally competent, and not under duress when entering into the contract. This helps to ensure that a contract is legally binding and enforceable. In summary, the common law of contracts is a body of law that is designed to ensure that a contract is legally binding and enforceable, and to provide remedies if a contract is breached or not fulfilled. This body of law is based upon centuries of case law and legal precedent, and is designed to ensure fairness and equity for all parties involved.

Related FAQs

What is the difference between a covenant and a contract?
What is a valid offer?
What is a declaratory judgment?
What is a disclaimer?
What is a breach of contract?
What is a promissory note?
What is a severability clause?
What is a third-party guarantor?
What is an assignment of contract?
What is the Statute of Frauds?

What is the common law of contracts?

Related FAQs

Related Blog Posts