Why is The Common Law important?

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The common law is most associated with the law of contract, which is still founded on common law principles. The importance of the common law is that it is at the root of many statutes - statutes tend to be based on the assumption that the common law is 'right', as well as the fact that the principal rules of legal procedure resulted from the common law. Common law is also important in that equity, which is acknowledged as being an important feature of the English legal system, is based on its deficiencies - although this may imply that the system is inadequate, that something is inadequate does not lessen its importance. more
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