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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.
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.