Washington set an important precedent at the end of his second term.In 1796,he decided not to run for a third term
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I am not sure how important it was since there were not really very many presidents who would have served a third term even without Washington's precedent. Maybe Jefferson, Madison, Monroe or Theodore Roosevelt would have considered a third term had the precedent not been set against it. Jackson and Wilson might have if they were healthier when their second terms ended.
One of the things he did was to set the term of office for the president. He could have stayed in office as long as he wanted, but he felt that an person should serve for a short time and then retire.
This is a hard question to answer because it's pretty vague. It would be helpful to have some context. But here's some help for you: To "set a precedent" means to do something that other people will be likely to follow when they are faced with similar situations in years to come. So, for example, when the Supreme Court ruled that states couldn't outlaw abortion (Roe v Wade, 1973) they set a precedent and other courts have tended to follow that precedent. If your question refers to George Washington, I'd guess the precedent he set was to not run for reelection to a third term as president. When he did that, he set a precedent and presidents after him followed that precedent because it had been set down by Washington, who was, of course, a hero. No president ran for a third term until Franklin D. Roosevelt did in 1940. I hope this helps.
It is not possible to answer this question without knowing what precedent you are referring to, since many presidents throughout history set particular precedents that still influence us today.
George Washington, who served two terms between 1789 and 1797, did not seek a third term in office.