Which of the following most accurately describes the ratio decidendi?
It is a statement of law by a court which is binding on all higher courts which are called upon to decide a similar case.
It is a statement of law by a court which is not binding on lower courts which are called upon to decide a similar case.
It is a statement of law by a court which is binding on all lower courts which are called upon to decide a similar case.
It is a statement of law by a court which is binding on all future courts which are called upon to decide a similar case.
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