Common Law

Running head : COMMON LAW

Common Law

Author

Institution

Professor

Subject

Common Law

Introduction

The world 's economy is founded on people 's freedom to contract Contracts are significant part of business existence seeing that they establish agreements between people and their customers , suppliers employees , tenants or landlords as well as with companies . But obviously , many people are unaware of the essential elements necessary to make a contract enforceable . In addition , people are so used to seeing written and lengthy contracts that many of them believe that

all enforceable contracts must be in writing . What many do not know is that the terms and conditions of any transaction including delivery of services and product sales can still be agreed upon by the parties even in the absence of a written contract . Like any other contracts , if the terms and conditions of an oral contract are established , a party who will eventually fail to fulfill his or her terms of the agreement will generally be held liable for breach of contract or breach of duty as imposed by law

Essential Elements of Contract

Contracts have essential elements first , every contract must essentially have an agreement . In fact , before there can be a valid contract , there must be first be a meeting of the minds or a consensus ad idem (Ollek . The determining factor if the parties have arrived at an agreement is resolved not by what the respective party believes the other to be agreeing to , but through an objective standard . Objective...