Law is a set of rules created by society and enforceable by its institutions to regulate behavior. It provides a mechanism for resolving disagreements and conflicts peacefully, by setting out what is right and wrong. It also enables individuals to be held accountable by a system that respects their individual rights and keeps the community safe.
The concept of the rule of law is an essential component of a democratic society, and it applies equally to both public and private sectors. It requires adherence to the principles of supremacy of the law, equality before the law, accountability to the law, fair and independent enforcement and adjudication, separation of powers, participation in decision making, and legal certainty. These are essential to a modern, prosperous and peaceful world.
The study of law is a wide-ranging discipline that covers virtually every aspect of human activity. Contract law governs agreements between people for the exchange of goods and services; property law defines people’s rights and duties toward tangible things, such as real estate, buildings or movable items, such as jewellery or cars; corporate and commercial law concerns the regulation of companies, trusts and other entities. Other areas of law include labour law (the tripartite industrial relationship between employer, employee and trade union) and criminal and civil procedure laws, which govern how courts should proceed during trials or appeals.