binding(mandatory) precedent persuasive precedent
This to a large extent sets a precedent for the rest of the exhibition
The principles under the doctrine of binding precedent are that the courts must use past solutions. They apply when the law is not unreasonable or inconvenient.
That depends on which court you're referring to. In the federal court system, the US Supreme Court sets binding (or mandatory) precedent for all lower courts; the US Court of Appeals Circuit Courts set binding precedent for all US District Courts within their jurisdiction, but only persuasive precedent elsewhere; the US District Courts do not set binding precedent at all, they only set persuasive precedent.
a legal precedent is principles of law set down by a higher court that are binding on lower courts in the same hierachy
If no other case has changed it.
A binding precedent is precedent that a court MUST follow (it is law). All prior judicial decisions in a specific court's jurisdiction heard at that court's level or higher are considered to be binding precedent. In contrast, persuasive precedent is precedent that a court need not follow (it is NOT law, but, as the name suggests, may be persuasive because it suggests a line of reasoning). All prior judicial decisions OUTSIDE of that court's jurisdiction or from a LOWER court are considered to be persuasive only.
If the Federal Court precedent is applicable to your situation it can be cited - HOWEVER - although they may consider it, it does NOT mean that it would be binding on them.
Ratio decidendi refers to the legal reasoning behind a court's decision that forms the binding precedent in future cases. Obiter dicta are statements or opinions made by the court that are not essential to the decision and do not create binding precedent, but may provide guidance or insight on the case.
Essentially binding precedent means that if a higher court has ruled on what is substantially the same legal issue, then that ruling is binding on the lower courts. This is designed to build up a consistent body of law, so for example, we dont have 30 different interpretations of 1 section of statute.
Binding Precedent is a judgement that must be followed. The Supreme Court is not bound by any other court or it's own previous judgements. However in European matters it is bound by the EU court.
Earlier cases can be cited as precedent in later cases, either binding or advisory.