CICM Business Law Practice Questions - CICM Level 3 - Business Law Exam

Lower courts are bound to follow the ratio decidendi of decisions made by higher courts in similar future cases. High Court judges may choose to overrule precedents set by the Supreme Court whenever commercial convenience dictates. Obiter dicta statements in Supreme Court rulings create strictly binding law for all lower tribunals. The Court of Appeal is never bound by its own prior decisions under any circumstances.