Understanding the Basics of Law
Law shapes politics, economics, history and society in a multitude of ways. Its purposes include keeping the peace, maintaining social order, preserving individual rights and facilitating healthy social change. Some legal systems are more successful in serving these objectives than others. A nation ruled by an authoritarian state, for example, may keep the peace and maintain the status quo but oppress minorities or other political opponents.
Many nations employ a common law system where laws are derived from the decisions of judges in cases that come before them, rather than being written into books or statutes. Other countries use a civil law system where judges follow pre-determined rules when making a decision. The rules are called case law, and they form a body of law known as precedent.
Other law areas include contracts, family and employment law, property and consumer law. Contract law involves agreements to exchange goods or services, and it covers everything from buying a bus ticket to trading options on the stock market. Property law explains people’s rights and duties toward tangible property, which can be divided into real and personal property. Real property includes land and the buildings on it, while personal property refers to movable objects such as computers, jewellery or shares of stock.
Consumer law aims to protect the interests of ordinary citizens. It traces back to Roman decrees against price fixing and the English restraint of trade doctrine, but now extends to regulate everything from the sale of tobacco to airline baggage policies.