Judicial precedent refers to legal principles established by higher court decisions, which must be followed by lower courts, promoting uniformity in law. It includes different types of precedents such as declaratory, persuasive, authoritative, and conditionally authoritative, each with specific binding characteristics. The Supreme Court of India is the highest authority, binding all other courts, and its decisions encompass both the ratio decidendi and obiter dicta, with a principle of stare decisis guiding their application.