Question

why is the doctrine of stare decisis so important to the IT and every other business industry? Is the predictability of the law of contracts, property, product liability and so forth an important component of enabling a company to plan for the future and invest its capital for maximum profitability?

Answer 1

1. Lucidly saying , Doctrine of stare decisis states that if a system encouters a situtation which has been occured in the past , then it should be solved or figured out in the similar way as previously.The past event is often referred as precedent , and its approach should uphold in similar situation.The above referred system can be replaced any terminology suiting the context in case of IT or other buisnesses.

2. Preditability of law of contracts , property , product liability etc are extremely important components to enable companies to plan for future.It eases and helps in thier decision making process , hence bringing in large influx of capital which would in turn help them maximise profitability.If trust on the underlying foundation can built, large gains would flow.