Final answer:
Case law refers to rules and principles established by court decisions, which form legal precedents that guide future court decisions. Option b. is correct.
Step-by-step explanation:
The body of rules and principles emanating from judicial decisions is referred to as case law, also known as common law or precedent. Unlike legislative statutes or administrative regulations, case law evolves through the adjudication of individual cases by judges in courts and similar tribunals. These decisions collectively serve as the foundation for legal precedents, shaping and influencing the outcome of subsequent court decisions. The concept of stare decisis, a Latin term meaning "to stand by things decided," is fundamental to this legal framework, establishing a precedent-based system where courts rely on prior decisions to guide their judgments in new cases.
Case law reflects the interpretative and evolving nature of legal principles as applied to specific factual scenarios. Through a continuous process of decision-making, courts contribute to the development and refinement of legal standards. Stare decisis fosters consistency and predictability within the legal system by promoting adherence to established precedents, thereby enhancing the stability and reliability of judicial outcomes. This reliance on precedent not only respects the principle of consistency but also acknowledges the cumulative wisdom and experience embedded in prior judicial decisions, emphasizing the ongoing and dynamic nature of the common law system.