The word precedent.

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BHAVESH SHAH – 9903475

IF115 - INTRODUCTION TO LAW OF FINANCIAL SERVICES, COURSEWORK 2002

The word precedent (also known as stare decisis) is derived from Latin and means something done or said that may serve as an example or rule to justify a similar subsequent act or statement; a judicial decision that serves as a rule for subsequent similar cases. Precedent was used in the English law for hundred’s of years, in 1865 the (ICL) Incorporated Council of Law reported, kept notes of cases and their outcome. This was how reporting was established. One of the major considerations on how someone is tried in a court of law depends upon the previous convictions of similar cases. This law of precedent (stare decisis) was founded hundreds of years ago as part of our common law. The literal translation of stare decisis is "that like cases be decided alike." Precedents in law play a fundamental role in the judicial processes of England. From stealing a loaf of bread ranging to murder in the first degree, there are precedents for any type of case that has ever occurred in England.

In any legal system precedent will play some part to achieve its aim. It is sensible to build on past experience and it saves the decision maker from having to solve a particular problem, but what sets the English system apart is that a judge must follow decision of previous cases in certain circumstances. The system of precedent works in a sort of hierarcy in that the general rule is that a judge must follow decisions of the courts above (the house of lords being the highest court in England), and therefore in some insatnces courts must follow their own previous decisions.

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Unfortunately, the law of precedent does have its downfalls. Despite the disadvantage of precedent, the law of precedent still holds true and important in our modern society. Some of the shortcomings of precedent are the following: As time changes, precedents need to change in order to accommodate society's new values and laws. One of the more common drawbacks to the law of precedent is that over time, a law may be found as no longer applicable, or on the other hand, a new decision may be found in a trial which can also be undesirable. The courts are not ...

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