Law is the system of rules that a particular country or community recognizes as regulating their members’ actions. The study of law encompasses a wide range of subjects, from criminal and business agreements to property rights and family disputes. It is also a major area of scholarly inquiry and raises questions of morality, social structure and economic analysis.
A key point to understand about law is that it is a normative science, in that it tells us what people ought to do and why. This is in contrast to other empirical sciences such as natural physics (as in the law of gravity) or social science, which examines causal factors within societies and groups (as in the law of supply and demand). Law is also distinct from philosophical theories of right and wrong, good and evil or justice (proper distribution of goods/privileges and burdens among society).
The principal functions of law are to establish standards, maintain order, resolve conflict and protect liberties and rights. In order to achieve these aims, a stable legal system is essential. Legal systems differ from country to country and even within a single state. But they tend to share similarities based on historically accepted principles of justice.
For example, the principle that judges are the “depositories of the law; the living oracles which must decide in all cases of doubt; and who are bound by oath to decide according to the law of the land” is common to most legal systems. This principle, along with others, such as the separation of powers and the rule of law, provide a framework for stability in any state.
Contract law, for instance, regulates the exchange of goods or services for a price. This covers everything from buying a bus ticket to trading options on a derivatives market. In addition to establishing the terms of such contracts, it also deals with the enforcement of them.
Property law, in turn, defines people’s rights and duties toward their tangible possessions. This includes real property, or land, as well as personal property such as cars and computers. It also provides for ownership of intangible property, such as intellectual property or company shares. Property law can be divided further into ‘rights in rem’ and ‘rights in personam’.
Lawyers, who are experts in the law, interpret and apply these laws. They are a vital part of any modern society, and they are often credited with promoting peace, advancing development and ensuring security. Typically, they are trained through specific legal procedures, and many have advanced academic qualifications (e.g. a Master of Laws or Juris Doctor degree). They are supervised by an independent professional body such as a bar association, bar council or law society in order to maintain their reputation and competence. Their status is protected by the law, and they are bound by ethical codes. They are expected to be impartial and act in a fair and reasonable manner. In the event of breach of these laws, they are subject to disciplinary proceedings.