Precedent Is Central to the Functioning of the Court System

question 45

Essay

Precedent is central to the functioning of the court system.Explain how precedent is applied when used by state supreme courts, circuit courts of appeals, and the U.S.Supreme Court.Also explain why precedent is so important to the operation of the courts.

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Definitions:

Periodic System

A method of inventory valuation for financial reporting purposes where a physical count of the inventory is performed at specific intervals to determine the ending inventory balance and the cost of goods sold.

Merchandise Inventory

Goods or products that a retail or wholesale company holds for the purpose of selling them to customers.

Goods On Consignment

Merchandise that is sent to a retailer by the vendor to be sold but remains the property of the vendor until sold.

Damaged Goods

Items that are broken, defective, or impaired in some way, which typically reduce their value or usefulness.