What is the common law of contracts?

The common law of contracts is a body of law developed over centuries in Washington and other states that governs the formation, enforcement, and interpretation of contracts. It is based on the idea that parties to a contract have certain rights and obligations that are recognized and enforced by law. At its core, the common law of contracts recognizes that two or more parties can create legally-binding agreements with one another based on the principles of offer, consideration, and acceptance. The “offer” is the agreement the parties reach, the “consideration” is the exchange of some form of payment or benefit, and “acceptance” is the process whereby one party agrees to enter into the contract. The common law of contracts also recognizes that parties are bound to fulfill the terms of the agreement and can only avoid the contract if something happens that makes doing so permissible. This “something” can include a breach of contract, impossibility of performance, or a mutual agreement to terminate the contract. In some cases, a court may step in and set aside the contract if one or both of the parties was wrongfully induced to enter into it. Finally, the common law of contracts provides the means for interpreting or voiding the contract if there is ambiguity or uncertainty over one or more of its terms. This involves examining the intent of the parties and determining any ambiguities in the contract’s language. It is important to note that the courts will generally attempt to construe a contract’s terms in favor of upholding the contract.

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