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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.
A comprehensive term applied to the property, whether real, personal, or both, owned by an individual or a business. The legal principle derived from a judicial decision. That part of the written opinion of a court in which the law is specifically applied to the facts of the instant controversy. It is relied upon when courts use the case as an established precedent in a subsequent case.