Which of the following best defines common law?

Common law is best defined as law based on court decisions and customs. This system evolves from judicial rulings and precedents set by courts over time rather than being codified in written statutes like legislative laws. It is characterized by the principle of stare decisis, which means that courts look to past decisions to guide their rulings on similar cases, thus creating a consistent legal framework that is adaptable and reflective of societal customs and values. This body of law is integral in areas such as contracts, torts, and property law, where judicial interpretations play a crucial role in shaping the legal landscape.

In contrast, other types of law, such as statutory law, are grounded in legislation passed by elected bodies. While regulations enforced by administrative agencies also develop and govern specific areas, they do so based on statutory authority rather than court-derived opinions. Therefore, the essence of common law lies in its foundation of case law and the customs that inform judicial decisions.