Law is a set of rules created and enforced by social or governmental institutions to govern behavior. Its precise definition is a subject of longstanding debate. Some scholars describe it as the art of justice or as a science. The term law is also used to refer to a particular legal system, such as the laws of a nation. For example, it is against the law to murder people in most places.
Laws make sure that society is orderly and safe. They help to settle disputes peacefully, for example if two people claim ownership of a piece of land the court can decide who owns it. They can also protect individuals’ rights and prevent oppression of minorities by majorities. They can also promote social change and foster a sense of fairness and justice. However, the effectiveness of a legal system is often related to its political ideology and cultural background.
Various types of laws exist, including contract law, property law, tort law and criminal law. Contract law regulates agreements to exchange goods or services, and it covers everything from buying a bus ticket to trading options on a stock market. Property law defines people’s rights and duties toward tangible property such as land and buildings, and intangible property such as books or cars. Tort law compensates people whose property is damaged or harmed, for example by automobile accidents or defamation of character.
In addition to statutory and regulatory law, many jurisdictions have a body of case law (judgment and reasoning in cases decided by judges). This form of law provides important guidance for future decisions.