In legal terminology, what does "precedent" mean?

Precedent refers to a principle or rule established in a previous legal case that serves as an authoritative example or guide for judges deciding similar cases in the future. The doctrine of precedent, also known as stare decisis, underlines the importance of consistency and predictability in the law, meaning that courts should follow the legal principles set forth in earlier rulings when faced with similar facts. This helps maintain stability in the legal system and ensures that similar cases are treated alike.

The other choices do not accurately capture the meaning of "precedent." A statute that has been revoked no longer holds legal weight and does not serve as a guiding principle. A rule created by judges without legislative input pertains to judicial lawmaking, which is distinct from precedent, as precedent relies on previous case law rather than solely on new decisions. An amendment to existing laws alters statutes but is not necessarily derived from previous cases. Understanding precedent is key to navigating the legal system as it influences how laws are interpreted and applied over time.