Definition of Law:
Law[4] is a system of rules and guidelines which are enforced through social
institutions to govern behavior, wherever possible.[5] It shapes politics, economics and society in numerous ways
and serves as a 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 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 legislation, 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
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]
Law[4] is a system of rules and guidelines which are enforced through social
institutions to govern behavior, wherever possible.[5] It shapes politics, economics and society in numerous ways
and serves as a 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 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 legislation, 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
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]