Question

Fenton Incorporated plans to do business with a company located in the Leone Republic, a common law country. The companies have agreed to draft the business contract in the Leone Republic. Since the contract will be drafted under a common law framework, it will be: ________

Answer 1

Since the contract will be drafted under a common law framework, it will be based on tradition, precedent, and custom.

What is a common law contract?

Contracts drafted under a common law system give judges the opportunity to interpret disputes using the prevailing situations.  A common law system adjudicates cases based on judicial precedent.  Judicial precedents are established through case law.

Thus, common law contract cases will be based on tradition, precedent, and custom.

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