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Understanding Common Law and Its Influence
Jan 26, 2025
Investors Trading Academy - Common Law Glossary
Definition of Common Law
Origin
: Derives from court law reports, not from statute books or constitutions.
Historical Context
: Originally common to all parts of England, differing from customary or local law.
Development
: Developed over centuries from English courts and adopted in countries using the common law system.
Characteristics of Common Law
Judge-Made Law
: Maintained and modified by judges rather than by democratic processes.
Validity
: Remains in force unless it conflicts with statutory law.
Alternative Names
: Also known as case law or precedent.
Function of Common Law
Precedential Effect
: Decisions have influence on future cases, establishing precedents.
Individual Cases
: Nominally decides individual cases but affects wider legal principles.
Common Law vs. Civil Law
Prevalence
:
Common Law System
: Used in England, the United States (except Louisiana), and other countries colonized by England.
Civil Law System
: Dominates in Europe and areas colonized by France and Spain.
Usage in the United States and Canada
United States
: All states use common law except Louisiana, which uses a hybrid of French civil law and English criminal law.
Canada
: Common law is used throughout except in Quebec, where the French civil law system is predominant.
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