What is the distinction between common law and statutory law?
The distinction between common law and statutory law is the source from which legal rules are derived. Common law is a type of law that is developed through court rulings, rather than explicitly written in statutes. Common law has been around since the Middle Ages, and is still the basis for many laws in the United States. These laws are based on custom and prior legal decisions, and are applied in a variety of legal disputes. Statutes, on the other hand, are laws that are written by the legislature to define certain conduct or activities within a jurisdiction. This type of law is intended to concisely define the parameters of acceptable conduct and activities, and is typically enforced by the government. In New Jersey, statutes are written and enforced by the state legislature, and are typically more specific than common law. The two types of law work together to provide an all-encompassing legal framework. In cases involving business law in New Jersey, both common law and statutes are considered in order to determine the outcome of business transactions. Common law provides a general understanding of the rules of the business world, while statutory law provides more specific parameters for how business activities should be conducted, and what types of activities are considered unlawful.
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