The Best Definition of a Precedent Is

question 25

Multiple Choice

The best definition of a precedent is

• A)a law developed from custom.
• B)a judicial proceeding for the determination of a dispute between parties in which rights are enforced or protected.
• C)a proceeding by one person against another in court.
• D)a court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts.

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Definitions:

Limited Liability

A legal structure that limits the personal financial responsibility of shareholders, partners, or owners for company debts and obligations.

Common Stock

Equity ownership in a corporation, with voting rights and the potential to receive dividends.

Petroleum

A natural resource that consists of a complex mixture of hydrocarbons and is used primarily as fuel and in the production of chemicals.

GDP

Gross Domestic Product, the total value of all goods and services produced within a country in a specific time period, representing the size of its economy.