Law is a system of rules enforcing the rights and obligations of individuals in social and governmental institutions. It has been described variously as a science or an art of justice. Laws are created by a group of legislators, by an individual, by a court, or by both. Private individuals can also create their own legal rules, such as contracts and arbitration agreements.
The World Justice Project defines “rule of law” and proposes that nations use that definition to measure their compliance with it. Whether a society adheres to the rule of law is the issue, but the way in which laws are enforced is also important. For example, a law can only protect the rights of its citizens if it protects them from arbitrary or unfair actions.
In the United States, competition law, commonly known as antitrust law, traces its roots to Roman decrees against price fixing and the English restraint of trade doctrine. It has evolved over the years to regulate businesses that distort the market. Other areas of law include financial regulation, which is concerned with the practices of banks.
Constitutions are often the basis of laws in a country, as they separate the executive, legislative, and judicial branches. Most constitutions include a Bill of Rights, and provide a procedure for annulling conflicting laws. In addition, constitutions often address the international stage and deal with the status of international law.