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Legal precedent, also known as stare decisis, is a legal principle wherein the decision made by a higher court in previous cases is binding on the lower court in future similar cases. It is essentially a rule established by a court which other courts must follow while deciding a case involving similar issues or facts.
To put it simply, legal precedent is like a guidebook created through past decisions of higher courts. For example, if there was a case where someone was found guilty for stealing an apple because they didn’t pay for it, then in future, anyone who steals an apple in a similar way can be judged based on this past decision. So, the previous case sets a guideline for how similar cases should be handled in the future. This ensures consistency and fairness across all legal proceedings.