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Business Law Chapter 1 precedent - The tendency to decide current cases based on previous rulings Common law - Judge-made law, which is the body of cases decided by judges as they follow earlier cases, known as precedent; Legislative power - ability to create new laws. Congress is split into two bodies: Senate (100 members) and House of Reps. (435 members) Executive Power - Authority to enforce laws. President is commander in chief of armed forces and head of executive branch. Judicial power - gives the right to interpret laws and determine their validity Statute - a law created by a legislature - congress Binding precedent - A decision of a higher court that must be followed by lower courts in the same hierarchy. Persuasive precedent - A precedent that a court does not have to follow but can be very influential when determining a case stare decisis - principle that precedent is binding on later cases which means "let the decision stand." Precedent is binding only on lower courts.
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