An action that sets a benchmark for similar situations as they arise in the future is known as a precedent
A precedent is described as an action that serves as a guideline for future similar situations.it is mostly used legally to consider a court's decision on a case which serves as a benchmark or guide in deciding similar future case.
There are basically two types of Precedent
When a precedent is deemed to be compulsorily considered, and required to be followed, we say its a Binding Precedent but when not required to be followed we say its a Persuasive Precedent.
For example: This judge's decision was based on precedent.
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