Stare Decisis is a legal principle that means "to stand by things decided." It requires courts to follow the precedents set by previous decisions when ruling on similar cases. This ensures consistency and predictability in the law, allowing individuals and businesses to understand their rights and obligations. When a court applies Stare Decisis, it respects the rulings of higher courts within the same jurisdiction. This practice helps maintain stability in the legal system, as lower courts are bound to follow established interpretations of the law unless there is a compelling reason to overturn them.