common law contracts definition
Contract Law in Common Law: Within common law, the elements of a contract are consideration and mutual assent. In a common law jurisdiction, mutual assent is reached through the initial offer and acceptance of the contract, meaning the offer is met with an acceptance that does not vary in terms or stipulations.s is common with many legal principles, the basic characteristics of contract law will vary between jurisdictions. In the United States, contract law requires three foundational elements: a contract will require an offer, an acceptance and consideration in order to manifest itself into a legally valid contract.