What is Law? Law is the system of rules that a particular country or community recognizes as regulating the actions of its members. Law is a system of rules and guidelines, usually enforced through a set of institutions. Lady Justice is the symbol of the judiciary. Justice is depicted as a goddess equipped with three symbols of the rule of law: 1. A sword symbolizing the court's coercive power; 2. Scales representing an objective standard by which competing claims are weighed; and 3. A blindfold indicating that justice is (or should be) meted out objectively, without fear or favor, regardless of identity, money, power, or weakness. Contract law regulates everything from buying a bus ticket to trading on derivatives markets. Property law defines rights and obligations related to the transfer and title of personal and real property. Trust law applies to assets held for investment and financial security, while tort law allows claims for compensation if a perso...
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