What is the distinction between common law and statutory law?

The distinction between common law and statutory law is an important one. Common law is based on court decisions and the opinions of judges, while statutory law is created by legislation. In Rhode Island, most business transaction laws come from statutory law. Common law is often referred to as judge-made law. It is based on precedents set by past legal decisions, meaning that all courts within a certain jurisdiction have to abide by decisions made by higher courts. This means that if one court declares something to be legal, then all other courts must follow that decision. Statutory law is typically created through a legislative body such as a state legislature or Congress. This type of law is usually created in response to societal needs or particular events. It is often more specific and detailed than common law, and usually applies to all people within a particular jurisdiction. In Rhode Island, statutory law is what primarily governs business transactions. Business law, which includes contracts, bankruptcy, and employment law, is mostly made up of statutes as opposed to common law. This means that any court decisions that are made regarding business transactions in Rhode Island must adhere to the relevant statutes. Common law may be used to interpret the statutes in certain situations, but ultimately any legal decisions regarding business transactions must comply with statutory law.

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What is the distinction between common law and statutory law?

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