Law is a discipline and profession concerned with the set of rules and customs that are accepted as binding by the community. These are enforced by controlling authority such as governmental or social institutions. Law has also been described as a system of principles that promote order, morality and justice.
Legal systems vary in how they define law. For example, in common law countries, the word law extends to judicial decisions, statutes and guidelines that are on equal footing with legislative statutes and executive regulations. This is based on the principle of stare decisis, whereby precedent ensures that similar cases reach consistent results. In contrast, in civil law countries, legislative statutes are usually more detailed, while judicial decisions are less so.
The definition of law is closely linked to the broader issue of social control, with differing viewpoints on how best to regulate human behavior and society. Some scholars, such as Max Weber and Roscoe Pound, see law as a means of satisfying social needs. Others, such as Hans Kelsen, see it as a normative science that seeks to explain what happens in human societies and does not attempt to determine why.
Regardless of the precise nature of law, most people agree that it should be fair and reasonable. A major consideration is the degree to which it promotes individual freedom and equality. Other concerns include the extent to which it protects property and other rights. In addition, it is important to establish who is responsible for making and enforcing laws.
There are many different areas of law, ranging from contracts to criminal law. Contract law regulates agreements to exchange goods or services, whether it is buying a bus ticket or trading options on a derivatives market. Tort law provides compensation when a person or their property is harmed, from an automobile accident to defamation of character. Civil law deals with disputes between individuals, whereas criminal law deals with offenses against the state or local communities.
Some areas of law are heavily regulated by government agencies, such as financial regulation and utilities regulation. Other areas are more self-governing and independent, such as sharia and private property. Finally, there are many international aspects to law, including laws on terrorism and war.
The term law can be used to describe the entire body of a nation’s laws, or more specifically the constitution and the principles it embodies. In the latter case, the term is often used synonymously with political sovereignty.