What legal term refers to a decision that serves as a precedent for future similar cases?

The term that refers to a decision that serves as a precedent for future similar cases is "precedent." In legal contexts, a precedent is a judicial decision that is considered as an authoritative rule or example in subsequent similar cases. This principle of adhering to prior case law is known as "stare decisis," which means to stand by things decided. By establishing a framework for the resolution of future cases, precedents play a vital role in ensuring consistency and predictability in the law.

Other terms, while related to legal processes, do not carry the same specific meaning. For instance, "regulation" refers to rules set by governmental bodies to manage areas of public policy, "judgment" is the final decision given by a court after considering the case, and "ruling" is more about a specific decision made by a judge on a particular matter rather than serving as a guideline for future cases. Therefore, the uniqueness of the term "precedent" is key in understanding how legal decisions influence future judicial outcomes.