Why is Common Law important?

Many cases which come before the English High Court and Court of Appeal involving, for example, large corporate mergers and acquisitions are decided on a basic Common Law point such as the absence of "consideration" or whether "time is of the essence" in contractual disputes, or whether a remedy should be ordered under the rules of Equity.

Example

Pena v Dale {2003} All ER {D} 416 MAR
High Court, Chancery Division

The Claimant alleged he was entitled to enforce an agreement (oral but confirmed by letter) that gave him an option to acquire shares in a company. The Defendants contested his claim, saying that, if there was an agreement, it was not enforceable due to certain conditions. The Court had to decide

a) whether an enforceable agreement (contract) existed

b) whether the Common Law remedy of damages was sufficient or whether to make an order for "Specific Performance", a remedy under Equity to enforce a transfer of the shares.

NOTE: Since April 1999 a civil action is now started by the "Claimant". The term "Plaintiff" is no longer correct. However, Defendants are still Defendants.
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