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precedent noun. C2 [C] an âaction, âsituation, or âdecision that has already âhappened and can be used as a âreason why a âsimilar âaction or âdecision should be âperformed or made: There are several precedents for âpromoting âpeople who don't have âformal âqualifications.
Binding precedent means a precedent or an existing law that courts are bound to follow. For example, a lower court is bound to follow an applicable holding of a higher court in the same jurisdiction. Such precedents are also termed authoritative precedent or binding authority.