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I would certainly believe that the most influential ancient law on the modern private law (law of contracts, especially) is roman law.

Roman law was mostly common law, but the decisions of the roman "judges" (praetors, etc.) were compiled in the eraly middle ages by scholars to form the pandects, which in turn formed a part of the Corpus Iuris Civilis, a collection of historic legal rules to be collected by order of Justinian I.

These rules then, on some way or another, found their way to the modern European and English law.

It must, however, be noted that there doesn't seem to be one single "red line" from Rome to modern law. Au contraire, there were various attempts to give up roman law in favor of natural law, most clearly in the "Preussisches Allgmeines Landrecht" (ALR, General state law for the Prussian states).

Nevertheless, Roman law did have a "comeback" and ended up forming part of many of the modern codifications and also of most western common law rules.

The influence of Roman law can still be seen in the usage of sentences (and also the underlying principles) such as "clausula rebus sic stantibus", "quae ad agendum temporalia", "falsa demonstratio non nocet" and many more.

(For an explanation of these sentences and many more visit http://en.wikipedia.org/wiki/Category:Latin_legal_phrases)

In public law, the law and philosophy of Greece was of much influence. The principles formed by greek scholars and philosophers came into modern public law through enlightenment, followed by the French Revolution and the US declaration of indepenence, the last of which then led to the U.S. Constitution.

Common Law is 'law that had been handed down since time immemorial' These laws such as Murder (not a Statute aw in Australia and many other parts of the B.C.) and Theft can be traced back to many civilizations including the Australian Aboriginals of 40,000 years ago. Moderns Laws are basically derived from the French legal system. British, Australian and American Laws are rooted here. France was where all 'the best' legal scholars trained until the 1800s. The Napoleonic Code is still taught at many institutions by that name and the Code referred to by others. Confusion reigns with many legal terms being thought to be Latin. THese terms are actually French. Dieu et Mon Droit (Court motto of U.K. B.C. Aust etc) is French for God is my Right, the Police motto of Tenez Le Droit (Uphold the Right) is french, Corpus Delecti, Subpeona, Affidavit and so on. This is why legal terms are French and medical terms (teachings from italy) are in Latin. Whilst I was Studying law in Australia and later whilst in law enforcement (especially prosecutions) I was surprised at the French influence. The Greek and later Roman influence is more in our Court systems of judge and jury (and of course medicine, philosophy and democracy). Although the French (then Gaul) were influence by these cultures, they were also influenced very heavily by the Ten Commandments which (interestingly) in many countries have written their laws in much the same order.

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