Final answer:
Stare decisis is a legal doctrine that means courts should follow precedent, adding stability and predictability to the law. The Golsen rule is related to tax law, where the Tax Court follows the precedent of the appropriate Court of Appeals. Though precedents are generally followed, they may be overturned to address societal changes or correct injustices.
Step-by-step explanation:
Stare decisis is a legal principle that means "let the decision stand" in Latin. This is the foundational concept in the U.S. legal system where courts follow precedents set by previous decisions. Its importance is recognized as it brings about consistency, stability, and predictability to the law. Judges interpret and apply past decisions and their precedents when ruling on new cases, ensuring an even-handed administration of justice.
The Golsen rule is particularly related to tax law and stipulates that the U.S. Tax Court will follow the precedent set by the Court of Appeals that has the appropriate jurisdiction over a case. This practice adheres to the principle of stare decisis, as the Tax Court respects the rulings of the Court of Appeals to which an appeal of its decision would lie, thus maintaining coherence in the judicial process.
It is essential to recognize that although stare decisis promotes adherence to precedent, the law also allows for flexibility. Courts may overturn precedents to address changing times, societal norms, or correct injustices, as seen in landmark cases such as Plessy v. Ferguson and Brown v. Board of Education. Nevertheless, the general rule is to follow previously established decisions to provide legal continuity and reliability.