What does the term 'judicial precedent' refer to?

The term 'judicial precedent' refers specifically to past court decisions that serve as a guide for future cases. This concept is a cornerstone of common law systems, where the legal principle of stare decisis is applied. Under this principle, once a court has established a legal rule in a particular context, that rule should generally be followed in subsequent cases that present similar facts or legal issues. This helps create consistency and predictability in the law, as courts rely on established interpretations rather than re-evaluating the same questions with each new case. By adhering to judicial precedents, judges ensure that similar cases are treated alike, which fosters fairness and stability in the legal system.