Running head: BUSINESS LAW1Business LawStudents NameInstitutional AffiliationsDateBUSINESS LAW2Question 1The first question that should be on prospecting law students is the importance of thedoctrine. Hence, the primary reason why the law is needed is to protect citizens from harm orpeople who want to cause evil (Selznick, 2020). Secondly, it is necessary to promote the commongood because society is made up of people who would want to pursue their interests. Thus,regulations are set as an invisible guiding hand towards pursuing personal goals. Thirdly, decreesare set to solve disputes that are inevitable due to the limited resources. Fourthly, it encourages orrather coaxes the community to choose the right thing, because if not, they are punished.Selznick, P. (2020). Law, society, and industrial justice (Vol. 30). Quid Pro Books.Question 2Judicial precedent is the procedure that judges follow when making passing a decisionbased on past cases (Anghel, 2017). The term that is legally used is the doctrine of stare decisis,which means that a decision made in court is followed by judgment made in future similar cases.A precedent is recognized because of the assumption that the judiciary is never wrong. One of theprinciples that apply to judicial precedent is that courts above them bound decisions made by thelower courts. Secondly, the decision made by higher courts binds them depending on theprecedence.Anghel, E. (2017). Judicial Precedent, A Law ...
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