The Sale of Goods Act and the Restrictions of Contractual Relationships

the common law acts as a foundation for the English legal system, one cannot construe that statute law is of less significance. For instance, statute law offers codification of some rules but the common law offers clarifications and interpretations when details of instant cases are employed to the codified law. Thus, the statute law and the common law harmonise or complement each other too. The statute law is being kept in an updated form due to the common law and thus keeping updated with the modern solutions and issues as well as establishing a precedent where there is the non-availability of statutory codification. However, in statutory interpretation, courts still use the doctrine of the common law. Thus, the introduction of a large number of statues has, in fact, restricted the usage of the common law but has not ended judicial supremacy of the common law. A contract is an agreement but an agreement may not necessarily be a contract. Critically discuss this statement. An agreement is a promise or a band of promises with adequate and lawful consideration for a lawful object which can create a legal relationship or commitment between two or more parties. A legally binding relationship or agreement between two or more individuals to execute or to not to do certain acts is called as a contract. A legally bonding exchanging of promises between two or more persons, which will recognise the contractual relationship can be called as the contract. The essential elements of contracts are an offer, acceptance, capacity to contract, lawful consideration, with a goal of creating a legal relationship on a lawful subject matter.