Law is a set of rules that people follow in order to behave in certain ways. Typically, people follow these rules for moral, religious, or emotional reasons.
There are many different types of laws. Some are specific to a region, while others apply worldwide.
Common Law
Common law, also known as “civil law”, is a system of legal authority that originated in Europe and has spread to many countries. It is a primarily legislative system that leaves room for the judiciary to adjust rules to social change and new needs.
The guiding principle of a common law system is that courts must decide cases in the light of precedent, or “stare decisis,” ensuring that future decisions reach similar results. In addition, courts are expected to explain why their decisions are right and how they reached them.
Other important features of a common law system include:
A clear exposition and expression of rights and duties, so that remedies are self-evident and accessible to the public.
Some of the most important areas covered by common law are contract law, property law, and civil procedure. Commercial law, for example, involves complex contracts and property laws.
Banking law regulates the financial sector and lays down minimum standards for the amount of capital banks must hold. It also sets out rules for the conduct of businesses and investors.
Company law covers complex corporate transactions and business contracts, especially those between shareholders. This includes shareholder agreements and stock purchase agreements.
Property law focuses on the acquisition, ownership, and management of land and other assets. It includes contracts, leases, and mortgages.
Legislation is the process of creating a national legal system. This can be done by passing a law or by creating an enactment, which sets out the law for a particular situation.
The laws that are created in a nation often serve to keep the peace, maintain the status quo, protect individual rights, and promote social justice.
There are many different kinds of legal systems, and each has its own unique characteristics. For example, some countries have a strong central government while others are more authoritarian.
Other legal systems are based on a more informal rule of law. These are more based on common experience and custom rather than judicial interpretation of a written statute.
Nevertheless, some nations have very strong legal systems, such as the United States. They can provide a very stable political environment, and they can help prevent crime, which is a major cause of death in many parts of the world.
These systems may be called modern, semi-modern, or classical. Some are largely a matter of tradition and culture, while others have modernized to incorporate the ideas of Western civil society.
Laws are governed by a legal body, which can be a governmental entity or an independent regulating body such as a bar association or law society. Lawyers, who practice in these legal systems, are normally regulated by law and must adhere to specific professional standards.