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Define Common Law in Real Estate
Common Law:
"Common law" refers to a system of law that is based on past legal decisions and customs, rather than on written laws created by a government or legislative body.
Example:
For example, let's say there was a court case in the past where a judge ruled that a person who owns a property has the right to use the water from a nearby river for their personal use. If a similar case came up in the future, the judge would look to the past ruling as a precedent and make their decision based on that, rather than a specific law written by the government.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Oh, common law, common law, it's a curious thing,
Based on past decisions and customs it brings.
Not from the government, no laws they've written,
But from legal precedents, judges are smitten.
If a case comes up, and the law is unclear,
They'll look to the past to make it more clear.
What did judges decide in cases before?
That's the guide they'll use, and they'll look for more.
So remember, dear friend, when you're in court,
It's not just laws that judges will sort.
Common law is a key to the puzzle,
Using past decisions as their guide, no need to hustle.