Common Law Definition | Learn With Finance Strategists | Your Online Finance Dictionary

Common law is a series of unwritten laws based on past precedent.

Courts create common law by trying different types of cases and establishing a precedent for rulings in such cases.

This process differs from that for civil law, where laws are created based on statutes passed by legislative bodies, or regulations, which are created by the government’s executive branch.
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0:00 Common Law Definition
0:33 History of Common Law
1:14 Types of Common Law
2:02 Advantages and Disadvantages of Common Law
2:46 Common Law Question & Application
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