What is the basis of the australian legal system?
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It is based on English Common Law. It is not law that is imposed by some authority from on high. English Common Law grew out of accepted custom or common knowledge of how to deal with living in a social context and a tacit understanding of the "rules" of life. These unwritten rules, customs and knowledge became the basic foundations of English law and so it also underpins Australian law.
The old English (not British) legal system.
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