Final answer:
Marbury v. Madison established the precedent of judicial review, allowing courts to declare legislative and executive actions unconstitutional.
Step-by-step explanation:
The precedent established by the Supreme Court in the landmark case Marbury v. Madison in 1803 is judicial review. In this case, the Supreme Court, led by Chief Justice John Marshall, declared an act of Congress unconstitutional, thus asserting the Court's power to review and potentially nullify legislative and executive actions based on their constitutionality. This power extends to both federal and state actions and is not limited to the Supreme Court but can be exercised by lower federal courts and even state courts as part of the system of checks and balances.