There are many strengths and weaknesses of common law. The most obvious strength of common law is its ability to respond to unexpected situations. The parliament cannot anticipate all possible problems, conditions, and actions. Therefore, common law can develop responses to real-life situations. A weakness of common law is that the changes to the common law are slow. Therefore, bad decisions that do not follow precedent can be upheld for years.
The common law is not very comprehensive and is largely based on judicial precedent. This means that there are no codified rules governing the interpretation of common law. In contrast, the Continental system uses codified statutes. While common law is much slower than the Continental system, its benefits are immense. It allows for laws to respond to real-life situations, and judges are often unelected. While this does have its disadvantages, it is still the most commonly used legal system in the United States.
Another weakness of common law is that it does not recognize the relationship between a lender and a beneficiary. This means that borrowers who failed to honor contractual obligations often lost their securities. Moreover, the common law requires that all loans be repaid within the period specified in the contract. But if you want to use this system to your benefit, it is essential to learn more about common law. But before you go about doing so, you should know about some of its disadvantages and benefits.