Parklane Hosiery Co. v. Shore is a significant U.S. Supreme Court case that addresses the principles of issue preclusion, specifically collateral estoppel, which prevents a party from relitigating an issue that has already been decided in a previous case. The case highlights how the courts apply issue preclusion when the same issue is litigated between different parties and establishes important guidelines on whether a party can be bound by a prior judgment in which it did not participate.