Final answer:
The court of last resort is commonly known as the Supreme Court, which has both original and appellate jurisdiction. Its decisions are binding and set precedents for future cases.
Step-by-step explanation:
The court of last resort is commonly known as the Supreme Court. It is considered the final court in which a citizen, state, or other entity can have their case heard. The Supreme Court has both original and appellate jurisdiction, making it the only federal court with this distinction. Its decisions are binding across the nation and establish the precedent for future cases.