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Common Law Contracts

Introduction

The objectives of this chapter are very modest: first, to provide an overview of the common law of contracts and, second, to supply a foundation for the treatment in subsequent chapters of the many areas that may be cast in terms of contracts to provide rapid assimilation of the concepts involved.

There are many kinds of contracts that share a foundation in common law. There are several definitions of common law, depending on the context in which the term is used, but a salient one is the cumulative body of law resulting from judicial decisions, sometimes called “judge-made law.” Courts trying common law cases should reach decisions based on precedent, that is, the previous decisions made by other courts, ...

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