Yale Law School
In common Law legal systems, decisions by courts are explicitly acknowledged as “law” on equal footing with statutes adopted through the legislative process and with regulations issued by the executive branch. The “doctrine of precedent”, or stare decisis (Latin for “to stand by decisions”) means that decisions by higher courts bind lower courts, and future decisions of the same court, to assure that similar cases reach similar results. Many Muslim countries have developed similar rules about legal education and the legal profession, but some still allow lawyers with training in traditional Islamic law to practice law before personal status law courts. In China and other developing countries there are not sufficient professionally trained people to staff the existing judicial systems, and, accordingly, formal standards are more relaxed.
- Coase used the example of a nuisance case named Sturges v Bridgman, where a noisy sweetmaker and a quiet doctor