Law is a
system of rules, usually enforced through
a set of
institutions. It shapes
politics,
economics and
society in numerous ways and serves as a
primary social mediator of relations between
people.
Contract law regulates everything from buying
a bus ticket to trading on
derivatives markets.
Property law defines rights and obligations
related to the transfer and title of
personal (often referred to as chattel)
and
real property.
Trust law applies to assets held for investment
and financial security, while
tort law allows claims for compensation
if a person's rights or property are
harmed. If the harm is criminalised in a
statute,
criminal law offers means by which the state
can prosecute the perpetrator.
Constitutional law provides a framework
for the creation of law, the protection of
human rights and the election of political
representatives.
Administrative law is used to review the
decisions of government agencies, while
international law governs affairs between
sovereign
nation states in activities ranging from
trade to environmental regulation or military
action. Writing in 350 BC, the
Greek philosopher
Aristotle declared, "The
rule of law is better than the rule of any
individual."
[6]
Legal systems elaborate
rights and responsibilities in a variety
of ways. A general distinction can be made between
civil law
jurisdictions, which codify their laws,
and
common law systems, where judge made law
is not consolidated. In some countries,
religion still informs the law. Law provides
a rich source of scholarly inquiry, into
legal history,
philosophy,
economic analysis or
sociology. Law also raises important and
complex issues concerning
equality, fairness and
justice. "In its majestic equality", said
the author
Anatole France in 1894, "the law forbids
rich and poor alike to sleep under bridges,
beg in the streets and steal loaves of bread."[7]
In a typical
democracy, the central institutions for
interpreting and creating law are the three
main branches of
government, namely an impartial
judiciary, a democratic
legislature, and an accountable
executive. To implement and enforce the
law and provide services to the public, a government's
bureaucracy, the military and police are vital.
While all these organs of the state are creatures
created and bound by law, an independent
legal profession and a vibrant
civil society inform and support their progress.
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