What term describes an event or action that serves as a guide for future events or actions?

The term that describes an event or action serving as a guide for future events or actions is precedent. In the legal context, precedent refers to previous court decisions or legal rulings that establish a principle or rule that can be followed in subsequent cases. This concept is essential in common law systems, where the decisions made by higher courts bind lower courts on similar issues, thereby ensuring consistency and predictability in the law.

When courts encounter cases with similar facts or legal questions, they look to precedents to determine how to rule on the current case. This reliance on established decisions helps to create a framework of law that evolves over time while maintaining a sense of continuity and stability in the judicial system. Understanding the role of precedent is crucial in the practice of law, as it enables legal practitioners to predict outcomes based on prior rulings.

In contrast to precedent, statutes refer to written laws passed by legislative bodies, while common law is the body of law developed through judicial decisions rather than through legislative statutes. Regulations are specific rules created by executive agencies based on statutes, and while they can guide actions, they do not carry the same binding authority as judicial precedents in the context of court decisions.