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Meaning of Law
It means any rule of conduct, standard or pattern, to which actions are required to conform; if not conformed, sanctions are imposed. Oxford Dictionary: The body of rules whether proceeding from formal enactment or from custom, which a particular State or community recognizes as binding on its subjects or members.
To serve some purpose which may be social, economic or political: Law in its widest sense
may include: (i) Moral rules or etiquettes, the nonobservance of which may lead to public ridicule, (ii) Law of the land the non-observance of which may lead to arrest, imprisonment, etc. (iii) Rules of international law the non-observance of it may lead to social boycott, trade-sanctions, cold war, hot war, proxy war, etc.
Judicial Precedents
It is based on the principle that a rule of law which has been settled by a series of decisions generally should be binding on the court and should be followed in similar cases. It is the duty of the judges to follow the same; they cannot substitute their opinions for the established rule of law. This is known as the doctrine of stare decisis. It means stand by the decision.
Statute
The statutory law or legislation is the main source of law. This law is created by the Parliament. In India, the Constitution empowers the Parliament and state legislatures to promulgate law for the guidance or conduct of persons to whom it is, expressly or by implication, made applicable. Not merely a source of new law, but is equally effective in abolishing that which already exists. Thus, it has what is known as Abrogative Power.
Personal Law
Many times, a point of issue between the parties to a dispute is not covered by any statute or custom. In such cases, the courts are required to apply the personal law of the parties. For example, The Hindu Succession Act; The Hindu Minority and Guardianship Act; The Wakf Act. The Muslim Personal Law Board is concerned with statutory law and custom in all matters of inheritance, will, marriage, etc.
English Law
Common Law: Consists of all those unwritten
legal doctrines embodying customs and traditions developed over centuries by the English courts.