What Is the Legal Principle of Stare Decisis? Why Is

question 43

Essay

What is the legal principle of stare decisis? Why is it important in a common law system? Why is stare decisis somewhat less important in a civil law system? Are federal courts strictly bound by stare decisis? What might be the cost or downside of making stare decisis mandatory? What might be the cost or downside of eliminating the principle of stare decisis?

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Definitions:

Variable To Fixed Costs

The process of converting costs that vary with production volumes into costs that remain constant regardless of volume.

Direct Labor

Workers or employees who are directly involved in the production of goods or services, whose labor can be easily traced to the product.

Committed Fixed Costs

Long-term fixed costs that cannot be easily altered in the short term, such as leases, depreciation on equipment, and salaries of permanent employees.

Short Run

A period in which at least one factor of production is fixed, allowing limited adjustments to production or operational levels.