What is the definition of precedent in legal terms?

Precedent in legal terms specifically refers to a legal principle established in previous court cases. This concept is foundational in the common law system, where courts are obligated to follow the rulings of higher courts in similar circumstances, ensuring consistency and predictability in the law. When a court faces a legal issue that has already been decided in earlier cases, judges will reference prior decisions as precedents to guide their rulings. This ensures that similar cases yield similar outcomes, reflecting the stability and reliability of the legal system.

While the first option describes the broader idea of an example or model, it does not capture the specific legal context of how precedents operate within the judicial system. Similarly, statutory law involves laws created by legislative bodies and is unrelated to the concept of precedent, which arises from judicial decisions. The last option references a document outlining rights, which does not pertain to the principle of precedent either, as it relates to specific rights rather than the judicial principles established through case law.