Final answer:
Common Law refers to the legal system based on custom and judicial precedent instead of codified statutes, where judges create law through their rulings by following established precedents under the principle of stare decisis.
Step-by-step explanation:
The term you are looking for is Common Law, which refers to the body of law that is based on custom and judicial precedent rather than on codified statutes. Common Law is developed by judges through decisions of courts and tribunals that handle individual cases. Unlike statutes created through legislative action, common law relies heavily on past decisions, or precedents, ensuring continuity and predictability in legal rulings. This system emphasizes the role of the judiciary in making the law applicable and binding through the principle of stare decisis, which means to stand by things decided, reinforcing the importance of precedent in legal proceedings. It's essential to understand that Common Law provides a framework within which courts operate, interpreting and applying laws to specific circumstances, often guided by the rulings from prior cases. This framework empowers the judiciary to shape public policy by clarifying and interpreting legal standards on a case-by-case basis. Such a system differs markedly from code law systems, where judges have a more restricted role of applying the law as it is explicitly written, with less discretion for interpretation.