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:

Usury

The practice of charging excessively high interest rates on loans, typically beyond the legal limit.

Maximum Interest Rate

The highest rate of interest that can be charged on a loan, as dictated by law or agreement.

Contractual Duty

An obligation either to do or refrain from doing something, as set forth in a contract.

Unforeseen Circumstances

Situations or events that could not have been expected or planned for, often affecting the ability to fulfill contracts or obligations.