Originally a noun, law is a set of rules enforceable by governmental institutions. Law is distinct from constitutional law and customs. It is a form of governance that shapes history, politics, economics, and society.
In general, laws are enforceable and can be divided into public law, private law, and case law. Public law refers to laws enacted by the legislature, executive, or the courts. Private law involves rules between individuals. It also includes court decisions that decide who is the legal owner of a piece of property.
Law also regulates the business sector. Commercial law covers complex contract law. This includes contracts for the sale of goods and services. The financial sector is regulated by banking law and tax law. It also includes regulation of the industry of telecomms.
Law also serves to protect individual rights. Its function can be to maintain the status quo, provide social justice, or protect minorities against majorities.
In a well-ordered society, people disagree. Law is used to resolve these disputes peacefully. Often, laws are based on social restrictions. For instance, censorship is a social restriction. It can be enforced by the police.
Law also regulates the industry of water. Water is a regulated industry in most OECD countries. During the turn of the 20th century, anti-cartel statutes were passed in the U.S. These statutes helped control businesses that distort market prices.
The study of law is important because it helps people access justice. Law has been described as an art of justice.