Explain the different types of judicial precedent.

Judicial precedent refers to the legal principle of following previous court decisions when deciding cases with similar facts and legal issues. There are several types of judicial precedent, including:

1. Binding precedent: This is a precedent that must be followed by lower courts in the same jurisdiction. For example, a decision made by the US Supreme Court is binding on all lower federal courts in the United States.
2. Persuasive precedent: This is a precedent that is not binding, but can be used as a guide by judges in deciding similar cases. For example, a decision made by a higher court in a different jurisdiction may be considered persuasive, but not binding.
3. Overruling precedent: This occurs when a higher court decision explicitly overturns a previous decision made by a lower court. For example, if a US Supreme Court decision overrules a decision made by a lower federal court, that lower court must follow the new precedent set by the Supreme Court.
4. Distinguishing precedent: This occurs when a court decides that a previous case is not applicable to the current case because of differences in the facts or legal issues. For example, a court may distinguish a previous case because the legal issue at hand is different or the facts of the case are not sufficiently similar.
5. Obiter dictum: This is a statement made by a judge in a court opinion that is not necessary for the decision of the case. Obiter dicta are not binding precedents, but they may be persuasive in future cases.