What is the principle of 'stare decisis'?

The principle of 'stare decisis' is fundamentally about the importance of precedent in the legal system. It is a Latin term that translates to "to stand by things decided." This principle requires that courts adhere to previously established rulings and legal decisions when faced with similar circumstances in future cases. This fosters consistency and predictability in the law, as lower courts are compelled to follow the legal interpretations set by higher courts in past rulings.

By following established precedents, the legal system ensures that similar cases are treated alike, thereby promoting fairness and stability within the judicial process. This principle helps to build a cohesive body of law and allows individuals and entities to have a clear understanding of their rights and obligations based on prior court decisions.

The other options relate to different aspects of the legal process but do not address the function of 'stare decisis'. For instance, evaluating credibility of witnesses pertains to evidentiary practice, handling disputes outside of court refers to alternative dispute resolution methods, and jury selection deals with the composition of juries rather than the application of legal precedents.