LAW
Law is a system of rules
and guidelines which are enforced through social institutions to govern
behavior, wherever possible. 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 criminalized 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."
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 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." 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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