Law is a set of rules and regulations that is enforced by governmental and social institutions. There has long been debate about the exact nature of law, which has been characterized as an art, science, or both. However, its main purpose is to help people achieve justice. For this reason, many have argued that the definition of law is largely subjective and arbitrary. Below, we provide a few tips for interpreting laws and making the most of them.
Law varies in scope. It can be general or specialized. The law can cover any aspect of life, from sports to politics. Some examples are labor law and individual employment law. The study of labour law focuses on the tripartite relationship between employers and employees, including regulations for collective bargaining, right to strike, and a person’s rights at work. Criminal and civil procedure refer to rules for court proceedings. Evidence law is concerned with the admissibility of evidence in courts.
Laws are established by an authority. Common law is the law of a community and common law is the law of a country. The law of contract governs exchanges of value, from buying a bus ticket to trading in the derivatives market. The law of property regulates one’s rights and obligations toward tangible property, such as real estate, personal possessions, or intangible property. If you want to learn more about the various branches of the law, check out our Law of Contracts 101 course.