Precedents are used when a court decision in another case has the same facts and laws as one currently before the court. As a result, the legal principle stated by a higher court will have to be followed in future cases. Lower courts within that jurisdiction must use precedents derived from decisions made by the high court. Precedent is a legal principle that was established by a court decision and provides judges with authority to resolve similar issues later. In other words, precedent provides a way for courts to bind themselves and future litigants to certain legal principles based on past court decisions. Precedent in business law can be defined as a legal principle or rule that is established by a court of law in a particular case and then used by that court or other courts as a guide in future similar cases.
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