Jurisprudence is the
theory and
philosophy of
law. Scholars of jurisprudence, or legal philosophers, hope to obtain a deeper understanding of the nature of law, of legal reasoning,
legal systems and of legal institutions. As jurisprudence has developed, there are three main aspects with which scholarly writing engages:Natural law is the idea that there are unchangeable laws of nature which govern us, and that our institutions should try to match this natural law.Analytic jurisprudence asks questions like, "What is law?" "What are the criteria for legal validity?" or "What is the relationship between law and morality?" and other such questions that legal philosophers may engage.Normative jurisprudence asks what law ought to be. It overlaps with moral and
political philosophy, and includes questions of whether one ought to obey the law, on what grounds law-breakers might properly be punished, the proper uses and limits of regulation, how judges ought to decide cases.
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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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