When engaging in any form of business transaction, it is important to understand the elements of an enforceable contract at common law. These elements are essential to ensure that both parties involved in the agreement are protected and held accountable for their obligations. Below are the key components of a legally binding contract:

1. Offer and Acceptance

The first element of an enforceable contract is the offer and acceptance. This means that one party must make an offer while the other party should accept that offer. The offer should be specific, clear, and communicated to the other party. The acceptance must be unconditional and communicated to the party making the offer.

2. Consideration

Consideration is the exchange of something valuable or the promise to do something in return for the offer made. Consideration can be in the form of money, goods, or services. Both parties should provide consideration in the contract for it to be considered enforceable.

3. Intention to Create Legal Relations

Both parties must intend to create a legally binding agreement. This means that the contract being entered into must be more than just a friendly agreement or casual conversation. There must be an intention to be legally bound by the terms of the agreement.

4. Capacity to Contract

Both parties must have the legal capacity to enter into a contract. This means that both parties must be of legal age, mentally sound, and not under duress at the time of entering into the agreement.

5. Legal Purpose

The object of the contract must be legal, and it should not be against the law or morals. Therefore, any agreement that supports illegal activities will not be enforceable by the law.

In conclusion, these five elements of an enforceable contract at common law are mutually exclusive. All of them must be present in a contract for it to be legally binding. Any absence of these elements can result in the contract being deemed unenforceable. It is essential that parties entering into a contract carefully consider these elements before formally entering into an agreement.