Which term best describes the established legal precedent that courts are required to follow?

The term that best describes the established legal precedent that courts are required to follow is "stare decisis." This principle, which translates from Latin as "to stand by things decided," ensures consistency and stability in the law by obligating courts to follow the legal precedents set by previous decisions in similar cases. It serves to uphold the rule of law by ensuring that a case decided in one context will lead to a similar outcome when the same legal issues are presented in another case, creating predictability for individuals and entities relying on legal outcomes.

Other options do not encapsulate this concept effectively. Statutory law refers to laws enacted by a legislative body, which are not necessarily related to established case law. Regulatory guidance pertains to directives issued by government agencies to assist in understanding and implementing administrative regulations, but it does not carry the same binding authority as precedent established by the courts. Judiciary authority relates to the power that courts hold, but it does not specifically denote the principle of following established case law.