What is defined as law established by previous court decisions?

The correct answer is defined as law established by previous court decisions. This concept refers to the principles and rules that emerge from the judgments made by courts over time, where the outcomes of past cases create binding precedents for future cases. This legal framework is important as it ensures consistency and predictability in the legal system, allowing individuals and entities to understand how the law may be applied based on previously established judgments.

Case law plays a crucial role in the development of the legal system, especially in areas not explicitly covered by statutory law. When courts apply legal principles from earlier cases to new facts, they interpret and evolve the law based on real-life situations. This contrasts with statutory law, which is created through legislative bodies, and regulatory law that is established by government agencies. While they serve important functions in the legal context, they do not derive directly from judicial decisions as case law does.