Discuss the common law case technique of the Precedent bringing out succinctly its application on case law

Precedent is a principle or rule which has been established in a previous legal case. The principle is binding and or persuasive for the court when deciding later cases with similar issues or facts.

Below are details on the application of precedent on case law

1. Binding Precedent
In instances where higher court e.g Court of Appeal or the Supreme Court comes up with an a legal principle or interpretation of law, lower course in the same jurisdiction are required to follow that precedent. The same legal reasoning in establishing the principle has to be applied when dealing with a similar case.

2. Persuasive Precedent
Courts may choose to consider persuasive precedents from lower courts or other jurisdictions. Persuasive precedents are not binding but can have an influence in court's decision.
In cases where there are no relevant binding precedents, the court's reasoning may be guided by persuasive precedents in order to reach a fair and just decision.

3. Overruling Precedent
This is whereby a court decides to overrule a precedent. This in most cases occurs when the precedent is outdated, incorrect or no longer reflects the current legal understanding.
When a precedent is overruled, it is replaced with a new one.
Only higher courts can overrule a precedent.

4. Distinguishing Precedent
This is situation whereby a court to avoids following a prior decision when the facts of the current case are significantly different from the facts of the previous case.
In such scenario, the court is not bound by the precedent and may reach a different decision.

5. Stare Decisis
This is a Latin word which means "to stand by things decided".
Lower courts are bound to follow prior decisions of higher courts when dealing with related cases.
They can only depart from precedent for reasons such as a subsequent decision by a higher court or a legislation change.