As a copy editor, I am glad to present an article on “what are the elements of a contract according to the common law.”

Contracts are agreements between two parties that bind them to perform certain actions or refrain from doing so. The common law is a legal system based on judicial decisions rather than statutes, and it is the foundation of contract law in many countries.

According to the common law, a contract must contain certain essential elements to be considered valid. These elements include:

1. Offer: It is the first step of the contract where one party makes an offer to another party. The offer should be clear, definite, and communicated to the other party.

2. Acceptance: Once the offer is made, the other party should accept it without any changes. The acceptance must be communicated to the party who made the offer.

3. Consideration: It is the value or benefit that one party provides to the other party as part of the agreement. The consideration can be in the form of money, goods, services, or any other tangible or intangible benefit.

4. Capacity: The parties entering into the contract must have the legal capacity to do so. This means that they must be of legal age, sound mind, and not under any duress or undue influence.

5. Intent: Both parties must have the intention to be bound by the terms of the contract.

6. Legality: The contract must be for a legal purpose and not violate any laws or public policy.

7. Consent: The parties must agree to the terms of the contract without any fraud, misrepresentation, or mistake.

These essential elements are fundamental to the common law and must be present in any contract for it to be considered valid. Any deviation from these elements may render the contract unenforceable or void.

In conclusion, the elements of a contract according to the common law are offer, acceptance, consideration, capacity, intent, legality, and consent. It is imperative for parties entering into a contract to ensure that all these elements are present to avoid any legal disputes or challenges.