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Precedent. A court decision that is cited as an example or analogy to resolve similar questions of law in later cases.
This is not a correct question. The correct question would have been what are the sources of law. Law can be derived from many sources and some of them which are widely recognised and accepted by the jurists are Legislation, Precedent, and Custom. Legislation is law which is enacted by a legislative body. When enacted the statute comes into existence and so does the law. Therefore, statutory law would be law which comes into existence through a statute. Precedent means decision of courts which have binding force of law. In India, decisions of Supreme Court have binding force of law and are to be respected as law as per Article 141 of the Constitution.