Final answer:
A judicial decision that establishes a rule for settling subsequent similar cases is known as a precedent, which is part of the legal principle of stare decisis.
Step-by-step explanation:
A judicial decision that establishes a rule for settling subsequent cases of a similar nature is known as a precedent. This legal principle is also referred to by the Latin phrase stare decisis, meaning "to stand on the decision." When a court adheres to precedent, it applies rules from previous cases to current cases with similar facts. This practice steers the direction of the legal system by providing a consistent framework within which the law is applied, ensuring predictability and stability in legal proceedings. Landmark decisions are those judicial decisions that establish significant new legal principles or concepts or that overturn past precedent. By contrast, a writ of certiorari is a mechanism by which the Supreme Court calls up the records of a lower court for the purpose of reviewing the case, often when there is a constitutional question or conflicting interpretations of a law.