The Application of Precedent in a Common Law System Is

question 55

Essay

The application of precedent in a common law system is subject to a number of rules.Outline the rules judges must apply when considering how much weight to give a precedent case.

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Definitions:

Gross Sales Revenue

the total amount of sales generated by a business before any deductions are made.

Sales Returns

Sales Returns represent the goods returned by customers to the seller, which leads to a reversal of sales revenue.

Quick Ratio

Quick Ratio, also known as the acid-test ratio, measures a company's ability to meet its short-term obligations with its most liquid assets.

Current Assets

Assets that will be used or turned into cash within one year.