A law is a set of rules created by people that form the framework to keep society orderly and discourage violence. Generally laws are enforced through mechanisms and punishments are imposed if the rules are broken. People from different countries and cultures have developed their own legal systems, and some of these are very sophisticated, while others are quite simple. The study of law presents insights into the adjustment and justification of laws over time, as well as the development of societal norms that influence them.
The most basic law is a rule made by someone in authority that must be followed, such as “don’t steal” or the rule of self-preservation. It is this most basic type of law that most people think of when they hear the word “law.” However, there are many more types of laws in existence.
Contract law regulates agreements between entities to exchange products or services, and it includes everything from buying a bus ticket to trading options on the stock market. Property law defines people’s rights and duties toward their tangible possessions, with real property referring to land or buildings and personal property referring to anything else a person owns, such as furniture, books or even intangible assets like stocks or bonds. Tort law compensates people whose property is damaged, either accidentally or by intention. The legal system relates to politics, economics, history and society in many ways, with the primary functions of law being setting standards, maintaining order, resolving disputes and protecting liberties and rights.