English Commercial law - Common law jurisdictions' characteristics
Common laws, on the other hand, are designed to stand alone. In a common law country, an Act of Parliament is meant to provide you with all the information you require regarding a certain law, in such a thorough manner as to leave minimal room for judicial interpretation. The parties may only rely on the provisions of the contract, excluding any rights or obligations expressly granted by statute. As a result, contracts are meticulously (and laboriously) constructed to precisely reflect what has been agreed. Common law jurisdictions rarely employ overarching concepts that direct the course of the law. Statutes, which are particular and in-depth, direct the course of the law. Human rights may be one of the key areas where overriding general principles are used in common law. For instance, UK lawyers have had to adjust to the possibility of challenging UK statutes if they violate human rights. However, it is uncommon for additional principles to be in play, such as the need that contracts be fair (despite the fact that statute imposes this for consumer transactions). A key component of common law systems is precedent. The rulings of higher courts are frequently binding on lower courts. Therefore, decisions made by higher courts must take into account the potential impact on hundreds of cases pending in courts below them. Although it may seem like a burdensome duty, it is important to keep in mind that common law statutes and contracts tend to be quite explicit, which means that logic usually rules the day. Therefore, rather than being bound by what they believe to be the proper application of general principles to the situation, judges are more constrained by what the law or the contract specifically says.
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