Law is a set of rules imposed by a society that regulates conduct and behaviour, with punishments in place for those who break them. It shapes politics, economics, history and society in many ways. Law can be considered to have four main functions: establishing standards, maintaining order, resolving disputes and protecting liberties and rights.
The legal system is made up of several components: statutes (legislation) duly enacted by a government, regulations and court decisions. Court decisions, which are based on common law and the precedents of previous cases, have broader legal weight than legislative statutes, and can influence the outcome of future legal disputes. This principle is known as the law of stare decisis.
Banking law regulates the amount of capital banks must hold to prevent them from failing in financial crises, while company law lays out rules for companies to follow in their management of assets such as property and cash. Criminal law covers the crimes that can be committed by individuals such as murder and robbery. The law of property deals with the ownership and control of assets, while the laws of trusts, insolvency, debtor-creditor relationships, bankruptcy and sale of goods all form part of commercial law.
Studying law is a great way to learn how the cogs of our society work, giving you the tools to oil those wheels and ensure they’re working both efficiently and effectively. It’s also a great career choice, providing you with the opportunity to earn an incredible salary straight out of college.