What type of law arises from judgments and decisions made in courts rather than explicit legislation?

The type of law that arises from judgments and decisions made in courts, rather than explicit legislation, is known as Common Law. Common Law is developed through court decisions, which set precedents that can guide future cases. This legal system is based on the principle of stare decisis, where courts follow previous rulings when the same point arises in subsequent cases, thereby ensuring consistency and predictability in the application of the law.

While Case Law might appear similar, it specifically refers to the collection of past judicial decisions that serve as precedent. It is technically a subset of Common Law, since Common Law encompasses both case law and judicial interpretations that arise from court decisions. Statutory Law, on the other hand, involves laws that are enacted by legislative bodies, and Administrative Law governs the rules and regulations created by governmental agencies.

Understanding Common Law is crucial for anyone in the field of real estate, as much of the property law relies on these court decisions in legal disputes about ownership, contracts, and transactions.