The document discusses the doctrine of judicial precedent in common law systems. It makes three key points:
1) Judges look to precedents from earlier similar cases to help decide current cases, promoting consistency and predictability in the law. This doctrine is called stare decisis.
2) Precedents are either binding, meaning judges must follow the legal rules or principles set in earlier cases, or persuasive, where judges may consider but are not bound by the logic or reasoning of past cases.
3) The ratio decidendi, or legal rule that was essential to and led to the outcome of a past case, is what makes a precedent binding. Dicta, or non-essential statements of law, are