In common law systems, the doctrine of precedent plays a crucial role in shaping legal decisions and maintaining consistency in judicial rulings. This doctrine holds that lower courts must follow the decisions of higher courts when faced with similar cases, ensuring uniformity in legal interpretation. Precedent can be binding or persuasive. Binding precedent refers to decisions made by higher courts that lower courts are obligated to follow. Persuasive precedent, on the other hand, is not binding but can be considered and used as guidance in making decisions. Stare decisis is a key principle underlying the doctrine of precedent, which means to stand by things decided. It emphasizes the importance of respecting previous court decisions and maintaining stability in the legal system. By adhering to stare decisis, courts can build upon existing case law and provide predictability for parties involved in legal disputes. Overall, the doctrine of precedent is a fundamental aspect of common law systems, helping to uphold the rule of law and ensure consistency in legal outcomes. It is essential for legal professionals to understand and apply this doctrine in their practice to maintain the integrity and effectiveness of the legal system.