Law is the system of rules created and enforced by governmental or social institutions to regulate behavior. The precise definition of law is a matter of longstanding debate. It has been described as a science, an art and a profession. It serves a variety of purposes, including social control, the maintenance of order and security, and the protection of rights and liberties.
The precise nature of laws is also a matter of debate, with some scholars considering law to be nothing more than a means of power backed by force. Others, however, argue that laws can serve a range of other social purposes, such as protecting people from oppressive governments and ensuring that those in power are accountable to the citizens they govern.
Some of the most important features of law are that it is clear and accessible, that it provides guidance and incentives to businesses and individuals, and that it offers a high degree of stability. These features are necessary in order to ensure that the law is a viable tool for managing human society.
In addition, laws must be capable of serving the needs of individuals and communities in a way that is appropriate to their unique cultural contexts. This is often done by integrating a sense of morality into legal systems. For example, laws prohibiting insider trading (using nonpublic information to gain an advantage in stock trading) and due process (fundamental fairness and decency in government actions) are both based on moral considerations.
It is also essential that laws be enforceable. Without this, the rules that make up a legal system would have little practical value. This is achieved by ensuring that the laws are sufficiently well written, are properly executed, and are monitored and adjusted to account for changing social circumstances. The rule of law is an essential component of modern democracy, and it is a major factor in the protection of human rights.
The development of a legal system requires a complex interplay between social wants, economic interests, and the competing pulls of political philosophy, tradition and legal technique. It is the task of the legal profession to develop, interpret and implement law in a way that balances these competing forces.
Laws come in many forms, ranging from statutes duly enacted by a legislative body (such as a national or state parliament) to regulations issued by a federal or state regulatory agency. They can also be established by judges through a process of judicial precedent, known as stare decisis. Private individuals can also create legally binding contracts and arbitration agreements. Finally, religious communities may have their own systems of law, such as the Jewish Halakha and Islamic Shari’ah, or Christian canon law.