What is the difference between a precedent and statute?

A statute is a written law enacted by a legislative body, such as Congress or a state legislature, which provides specific rules or regulations. In contrast, a precedent is a legal principle established in previous court decisions that guides judges in deciding similar cases in the future. While statutes are created through formal legislative processes, precedents arise from judicial interpretation and application of the law. Together, they form the foundation of legal systems, with statutes providing the framework and precedents offering context and interpretation.