Texas A&M University (TAMU) MGMT311 Legal and Social Environment of Business Practice Exam 1

The correct answer is common law, which refers to the body of law derived from judicial decisions rather than from statutes or written legislation. Common law encompasses all cases decided by judges in the United States, dating back to the time before the American Revolution, when colonial courts were influenced by English common law traditions.

This legal framework is built on precedents set in earlier court decisions, allowing judges to interpret laws and apply them to specific cases based on prior rulings. Thus, common law evolves over time as new decisions are made, reflecting changes in society, morals, and judicial interpretations.

Statutory law, on the other hand, refers to laws that are enacted by legislatures and are written, whereas administrative law is composed of regulations created by governmental agencies. Equity law provides remedies and justice that extend beyond common law but is not as broad as the entire body of judicial decisions. Therefore, common law is the correct term that encapsulates all cases decided by U.S. judges, including those from earlier historical contexts.