Just remember, also, that common law in the area of contracts for goods has largely been replaced by the Uniform Commercial Code, which has a different way of approaching these issues.
English common law of contact is alive and kicking. Source: Chitty on Contracts
In which jurisdiction? Certainly not in the UK where consideration is still necessary
how does it approach these issues?
By and large the UCC codified the common law as it developed in the context of commercial contracts, but streamlined and simplified some rules (in a few cases inverting them), especially in areas which were deemed to result in overly complex litigation with unpredictable outcomes. But irony of ironies, the irreducible complexity didn't magically disappear, so now instead of 1 problem you have 2, both of which law students are forced to wrestle with, though in the abstract the common law rules are the simpler of the two.