TERM OF THE DAY common law One of the two major legal systems of the modern Western world (the other iscivil law), it originated in the UK and is now followed in most English speakingcountries. Initially, common law was founded on common sense as reflected in the social customs. Over the centuries, it was supplanted by statute law (rulesenacted by a legislative body such as a Parliament) and clarified by thejudgments of the higher courts (that set a precedent for all courts to follow in similar cases). These precedents are recognized, affirmed, and enforced by subsequent court decisions, thus continually expanding the common law. In contrast to civil law (which is based on a rigid code of rules), common law is based on broad principles. And whereas every ... Learn more about this term Usage Example The United States uses a common law legal system where laws are developed by judges and through decisions made in court.

MARKETPLACE The Options Industry Council Make the most of Volatility. Stream a free Webcast from The Options Industry Council. Click to View This Offer...

FEATURED ARTICLE Compliment vs. Complement This is one of the trickier word differences that can end up tripping people up a bit in their business writing. That can be frustrating as they have very...