Law is a set of rules enforceable by social institutions. It is a system that shapes economics, politics, and history. It is often described as the art of justice.

There are two main types of legal systems: civil and common law. Each has different characteristics. The common law system is more rigid. It requires less detailed judicial decisions.

The common law system is based on the principle of precedent. It means that a decision by the same court will apply to future cases. However, it is important to note that the authority of a case is also dependent on its closeness to the facts and the age of the decision.

Common law systems can be split into civil law and criminal law. The former is a set of statutes, regulations and judicial decisions. The latter is a collection of precedents and court rulings.

Both systems share many features, including the presence of arguments and syllogism. There are also differences in the way in which legal reasoning and interpreting the law take place.

Law is regulated by the government and by private individuals. Some examples of regulated industries are water and telecomms. It is also regulated by financial regulation. These regulations determine the best practices for investment. In addition, it sets minimum capital requirements for banks.

Some common legal issues are immigration, healthcare, and voting. Other issues include environmental concerns, human trafficking, and LGBTQ rights.

The United Nations has made a number of groundbreaking efforts to protect the environment. It has also made a difference in the fight against terrorism. It has worked to curb drug trafficking.