Law is a set of rules created and enforced by a government that people must obey. Laws are created to ensure that everyone has the same rights and is treated fairly. They also help to keep a society safe and organized. For example, the law makes it illegal to steal and if you are caught breaking a law you can be punished.
Law can be made by a group legislature, which results in statutes; by the executive through decrees and regulations; or established by judges through precedent, known as common law. The precise definition of law is a subject of continuous debate. Some philosophers, such as John Austin, have argued that laws are commands, backed by threat of sanction, from a superior or sovereign, which people have a habit of obeying; others, like Jeremy Bentham and Jean-Jacques Rousseau, have posited a set of natural principles, that people follow spontaneously.
The law shapes politics, economics and history in a variety of ways, and serves as a mediator of relations between people. For example, contracts are regulated by contract law; property law defines people’s rights and duties toward tangible and intangible property, such as houses, books and cars, and financial transactions are governed by the law of securities. It is important to note that the law cannot solve all problems. For example, there is still a large amount of corruption in many parts of the world and some groups of people are more affected by certain types of laws than others.