Contract law is the body that regulates legal agreements in England and Wales. It shares a heritage with nations throughout the Commonwealth.English contract law is the body of law that regulates legally binding agreements in England and Wales. 2. In common law, there are 3 basic essentials to the creation of a contract: (i) agreement; (ii) contractual intention; and (iii) consideration. This module guide is designed to help you to study the Contract law of England and Wales. A contract can, in principle, be made in two separate jurisdictions at the same time if the contract does not include choice of law and jurisdiction clauses. A basic binding contract must comprise four key elements: offer, acceptance, consideration and intent to create legal relations. The contract between the Charlotte Fire Department and MEDIC ends on Jan. 9 and there is no deal to extend it. This article considers recent developments in the circumstances under which a duty of good faith can be implied into a commercial contract.