What is Common Law?

2 minute presentation by Investor Trading Academy.
It’s part of each country’s sources of law, being derived from court decisions (precedent).
The rule is that decisions of the higher courts should have authority from current legal matters in the lower courts.
Judges and magistrates should not seek to create new sets of rules and decisions but should seek to adjudicate and rule in a manner based on the existing precedent.
Common law can be an old or ancient precedent that was set by the courts of law. It can as well be developed, or abrogated.
If common law conflicts with statute law, the latter should be given prominence.
Decisions of supreme courts have precedential effects on future cases.
The common law system prevails in the United States, England, and other countries that were colonised by England.
In South Africa, the Constitution of 1996 requires that common law should be used and that it should also be developed so it is in line with the spirit and objectives of the Constitution of 1996.
Common law is distinct from a civil-law system, which predominates in Europe and in areas colonised by France and Spain.

The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation.

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