What is the definition of "common law"?

Common law refers to a system of law that is primarily formed through judicial decisions and precedents rather than through legislative statutes or executive actions. This body of law originates from the decisions made by judges in individual cases, which establish legal principles and rules that can be applied in future cases. Over time, these judicial rulings create a consistent framework governing similar situations, allowing for a degree of predictability in the legal system.

The significance of common law lies in its reliance on the doctrine of stare decisis, which mandates that courts follow precedents established by previous decisions to ensure fairness and stability in the application of the law. As cases are decided, the interpretations and rulings contribute to a living body of law that can evolve and adapt over time, reflecting changes in society and values.

This concept contrasts sharply with laws derived from statutes or regulations, which are formulated by legislative bodies or administrative agencies. While statutory law and regulations also play critical roles in the legal landscape, common law specifically refers to the case law developed through judicial interpretation and application.