Law is a system of rules a society has developed in order to maintain order and protect people and property. These rules are enforced by police, courts and prison systems in most countries.
The Law defines what a person must do and how they must behave. It also helps in keeping the relationships between members of a society peaceful and avoid any conflict of interest.
Hans Kelsen created the ‘pure theory of law’ which states that law is a ‘normative science’. This means that the law does not seek to describe what must occur but rather it only defines certain rules that an individual must abide by.
Friedrich Karl von Savigny gave the historical law definition which states that the law is a matter of unconscious and organic growth. This is a very interesting theory as it suggests that the nature of law varies with each generation and age.
Another theory of law is that it is a tool for social engineering and serves as an outlet for the needs and wants of the society. This is a very interesting theory as well as it shows how the law relates to society.
There are many different types of law, including business law and criminal law. These are all very important and have many different regulations.
Some of these laws include banking law and financial regulation which sets minimum standards for the amounts of capital banks must hold and what is considered to be a fair investment. Other laws include space law which deals with aspects of human activities in outer space.