What is Law?

Law is the system of rules in a community that governs human conduct, relationships and transactions. Its purposes are to establish standards, maintain order, resolve disputes and protect liberties and rights. Laws may be written or inherited. They are enforced by the state or other legal authorities, such as judges and barristers. Law is an important source of scholarly inquiry into history, philosophy and sociology. It is a career choice for many people.

Different societies have different laws, which are based on their culture, values and traditions, but all laws are designed to do the same thing: to bring justice and fairness. Laws regulate the way we live in a society and they are often divided into several categories:

Contract law is the law that regulates agreements to exchange goods, services or money and is one of the most complex areas of the law. Property law is the law that defines people’s rights and duties toward tangible property like houses or cars, and intangible property such as shares or bank accounts. Company law is the law that explains how companies can be structured to limit liability for investors and share holders, while banking law and taxation law are examples of regulatory law.

The rule of law is the principle that all persons, institutions and organisations, whether they are public or private, are subject to laws that are publicly promulgated, equally enforced and independently adjudicated. The rule of law also requires measures to ensure transparency, participation and legal certainty.