Final answer:
Case law refers to legal precedents established by past judicial decisions, adhering to the principle of 'stare decisis', ensuring consistency and stability in the application of the law.
Step-by-step explanation:
Case law refers to a precedent established over time through the judicial process. The concept is integral to the common law legal system which is based on the principle of stare decisis, meaning 'to stand by things decided'. This principle mandates that courts look to precedents or the rulings of previous cases when deciding new ones. Judges use the similarity between the current case and prior ones to apply the rule of law established by earlier courts. The application and interpretation of laws via judicial decisions create a body of law that guides future court decisions and ensures consistency and predictability in legal systems.
Stare decisis ensures that similar cases are treated alike unless there is a strong reason for a court to rule otherwise, which adds stability and integrity to the judicial system. While this practice promotes an even-handed administration of justice, it does not preclude the evolution of law, permitting judges to adapt to changing social standards or rectify past errors when necessary, as evidenced by landmark cases like Brown v. Board of Education.