Stare Decisis and its Implication in Business Practices
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Define the term stare decisis. What is its relevance in the American legal system? Discuss how stare decisis might affect business practices within the United States.
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This solution explains the concept of stare decisis and its relevance to the American legal system. The ways in which stare decisis is involved in business practices are also discussed. A comprehensive solution with additional student resources for expansion is provided.
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Stare deisis literally translates from Latin to, "stand by things decided" (Cornell, 2013). When a court makes a decision, they set precedent in that area. The decision is made based on law. That decision then becomes a part of case law and sets precedent. When another court hears a case involving the same laws, precedent has already been set in case law. The second court hearing a similar case cannot rule completely outside of the realm of how the first court ruled or it would violate stare decisis. Note that there are rare exceptions ...
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