Final answer:
Common Law is based on tradition, past practices, and legal precedents set by the courts through interpretations of statutes, legal legislation, and past rulings.
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 of courts and similar tribunals that decide individual cases, as opposed to statutes adopted through the legislative process or regulations issued by the executive branch. This law is deeply rooted in the respect for the decisions and actions of previous courts and the expectation that when a ruling is made by the courts it should be respected and applied by future courts.