Reference no: EM131664658

This final discussion question deals with the law that is and the law that may follow. In the vast majority of case law, decisions rely on the law applied in past cases- the principle of stare decisis ("the thing decided"). This is a good way for law to provide certainty on how transactions in business should unfold in case there are disputes that occur later on.

But on rare occasions, it appears that the old case law may not cover new business developments or worse, old case law does not direct a just outcome. This when courts can establish precedents- that is, new interpretations of the law that establish guidelines for a present and similar future cases. The use of money for corporate political free speech and legalization of gay marriage are recent examples of the Supreme Court's establishment of new precedent.

Having completed Business Law 1, did you see there any areas of business law we studied that could use a new precedent? If you say yes, say what some of them are and why a new precedent is needed. If not, discuss why the principle of stare decisis is working for the future of legal processes in business.

Don't be afraid to have some fun with being a Supreme Court majority for a day.