Common law is a system of law that is based on the precedent set by previous court decisions, rather than on statutory laws or regulations. In common law jurisdictions, the decisions of higher courts are binding on lower courts, and the law evolves over time based on these decisions.
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Related terms
Rate Lock
Certificate of Deposit (CD)
Contingent Fee
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Prepaid Expenses
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Mortgage Banker
Third-Party Origination
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Parking Strip
Seller Carry-Back
Building Permit
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Inspection Contingency
Flood Plain
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Escrow Agent
Level of Control On a Listing Agreement
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