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The doctrine of precedent is a form of reasoning and decision-making formed by case law. If a higher court has made a significant legal point in one case, it would be considered as binding in later courts.
Common law precedent is a third kind of law, on equal footing with statutory law (statutes and codes enacted by legislative bodies), and Delegated legislation (in U.K. parlance) or regulatory law (in U.S. parlance) (regulations promulgated by executive branch agencies).