'The importance of reasoning can be seen in the doctrine of precedent, often used as the prime characteristic whenever one is asked to define the common law. This doctrine has as its foundation the properly reasoned judgment, for it is the reasoning of judgments that is utilised in future cases. In the area of commercial law, the features of consistency, certainty and predictability are promoted by reason of the doctrine of precedent.' (cited from a lecture delivered by the former Chief Justice Geoffrey Ma at Oxford in 2018)

With reference to the above-cited statement, explain the doctrine of precedent and its application in Hong Kong