Final answer:
Common law refers to law developed by judges through court decisions based on past precedents, ensuring consistency in legal rulings.
Step-by-step explanation:
Common law refers to the body of law developed by judges through decisions made in court and based on the principle of stare decisis, which means standing by things decided. This judicial system is rooted in the practice of following precedents, where past court decisions serve as a guide for resolving similar legal issues in future cases. Unlike statutory laws made by legislatures, common law is shaped through case-by-case deliberations and the interpretation of legal principles by the judiciary. It is the backbone of the legal systems in countries like the United States, where it originated from English law and has since been adopted in varying forms.
The correct answer to the student's question is: 3) Law made when judges decide cases and then follow those decisions in later cases. This reflects the essence of the common law system where judges look at previous judgments to guide and justify their decisions, ensuring consistency and stability in the application of laws.