BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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agencies
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courts
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the President
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parties
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Detailed explanation-1: -Common law has no basis in statute, and is established and developed through written opinions of judges delivered at the end of a trial. These opinions are binding on future decisions of lower courts in the same jurisdiction.
Detailed explanation-2: -Common law, also known as jurisprudence, is a body of unwritten laws based on judicial precedents. The concept is based on institutionalized judgments and interpretations from the courts and the jury. Common laws also illustrate the motivation for the implementation of new legislation.
Detailed explanation-3: -The common law system – a system of law based on recorded judicial precedents-came to India with the British East India Company. The company was granted charter by King George I in 1726 to establish “Mayor’s Courts” in Madras, Bombay and Calcutta (now Chennai, Mumbai and Kolkata respectively).