Final answer:
The basis for common law is tradition and legal precedents set by courts, which are respected and applied in future court decisions.
Step-by-step explanation:
The basis for common law is tradition, past practices, and legal precedents set by the courts through interpretations of statutes, legal legislation, and past rulings. Common law, also known as case law or precedent, is law developed by judges through decisions made in court cases. This legal system is deeply rooted in the respect for previous court decisions and the principle of stare decisis, which means that when a ruling is made by the courts, it should be respected and applied by future courts. In the U.S., this principle ensures consistency and stability in law and constitutional interpretation.