1) Precedent – This refers to prior court cases that provide guidance on how a current case should be decided. In analyzing past cases, the courts are able to develop more consistent interpretations for existing laws and regulation, which allows businesses more certainty.
2) Equity – Equality seeks to provide justice in cases where traditional laws may not apply or may not be sufficient. The courts use equitable principles to achieve fair business results while balancing competing interests.
3) Stare decisis – This Latin term translates literally as “let the decision stand” and is used when rulings from higher courts should be applied or enforced in lower courts. It helps to ensure consistency by making sure that all judicial institutions adhere to prior rulings. Businesses can then make decisions more predictably when it comes time for them.
4) Constitutionality – In order for any law or regulation to remain valid it must comply with constitutional parameters set out by a country’s charter document or similar foundational document and still meet its intended purpose(s). Businessmen should always check if their decisions are in line with established legal requirements.
Overall, these key judicial concepts provide invaluable insight into how courts interpret existing laws and regulations, informing businesses’ decision-making processes along the way
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