Law is a system of rules that a society or government develops to deal with issues such as crime, business agreements and social relationships. The word is also used to refer to the people who work in this system.
People have different ideas about what law is. Some think that it is simply a set of rules to govern behaviour. Others think that it includes a moral dimension, and so aims to improve the lives of people by promoting certain values. For example, some people believe that the law should protect people against oppressive and inhumane actions by other people, so that they can live in peace.
Regardless of the precise definition, most people agree that the purpose of the law is to provide a framework for human interactions and ensure a peaceful society. It does this by regulating and controlling the activities of individuals and groups, by punishing crimes and violations of rights, and by providing a structure for resolving disputes.
The law is enforced by a variety of mechanisms, including the police, courts and other administrative agencies. It also provides guidelines for private companies to follow when they are supplying goods or services. Banking and financial regulation, for example, imposes minimum capital requirements on banks, sets rules about the best practice for investing money and tries to avoid economic crises like the Wall Street Crash of 1929.
There are many branches of law, with the main ones being criminal law, civil law and commercial law. Civil law deals with disputes between individuals, such as when someone is injured by an accident or if their reputation is damaged by defamation. Criminal law, on the other hand, imposes penalties for offences against the state, such as murder or theft.
Commercial law regulates business and trade. It is usually based on contracts and agreements, and covers areas such as employment, property and transport. It can also cover intellectual property such as patents and trademarks.
People who study the law are called lawyers. They can either practise it (ie, work as a lawyer) or teach it (ie, train future lawyers). There are varying qualifications required for becoming a lawyer, but they typically include: a law degree, legal practice course and bar exam. Some also have a background in another area, such as medicine or business. Some universities even offer joint law and management courses.