Law is a system of social rules usually enforced through a set of structured institutions. Law affects everyday life and society in a variety of ways.
Contract law regulates everything from buying a bus ticket to trading
swaptions on a
derivatives market.
Property law defines rights and obligations related to buying, selling, or renting
real property such as homes and buildings.
Trust law applies to assets held for investment, such as pension funds.
Tort law allows claims for compensation when someone or their
property is
harmed. If the harm is criminalised in a penal code,
criminal law offers means by which the state prosecutes and punishes the perpetrator.
Constitutional law provides a framework for creating laws, protecting people's
human rights, and
electing political representatives.
administrative law relates to the activities of administrative agencies of government. Government agency action can include rulemaking, adjudication, or the enforcement of a specific regulatory agenda.
International law regulates affairs between sovereign
nation-states in everything from
trade to the
environment to
military action. "The
rule of law", wrote the
ancient Greek philosopher
Aristotle in 350 BCE, "is better than the rule of any individual."
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