You can use a BOUNDARY or BPOLY command to make a Polyline with the shape of the common area, and then see its area in Properties.
Surveyors units is an angle setting in the UNITS dialog. Then, enter the bearings and distances as noted. Shaan Hurley writes the AutoCAD blog and detailed this concept there - Drawing with Surveyors Units in AutoCAD (Between the Lines) (blogs.com)
In addition to drawing a boundary like Kent suggested, you could also hatch the common area, and find the area of the hatch in the Properties palette.