Precedent Is

question 2

Multiple Choice

Precedent is:

• A)an earlier court decision on an issue that governs or guides a subsequent court in its determination of an identical or similar issue based on identical or similar key facts.
• B)a decision from a higher court in a jurisdiction.
• C)a decision that a court may look to for guidance when reaching a decision but is not bound to follow.
• D)a basic principle of the common-law system that requires a court to follow a previous decision of that court or a higher court in the jurisdiction when the current decision involves issues and key facts similar to those involved in the previous decision.
• E)all of the above

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Definitions:

Legal Formalities

The required procedures or steps mandated by law for ensuring that legal acts or documents are valid and enforceable.

Officers

Individuals appointed or elected to oversee the management and daily operations of a corporation or other entity, typically holding positions such as CEO, CFO, or President.

Corporation

A legal entity that is separate and distinct from its owners, capable of owning property, entering into contracts, and being sued.

Shareholders

Owners of shares in a corporation, thereby having an interest in the corporation's operations and earnings.