» Law is a term which does not have a universally accepted definition, but one definition is that law is a system of rules and guidelines which are enforced through social institutions to govern behaviour. Laws can be made by legislatures through legislation, the executive through decrees and regulations, or judges through binding precedents. Private individuals can create legally binding contracts, including arbitration agreements that exclude the normal court process. The formation of laws themselves may be influenced by a constitution and the rights encoded therein. The law shapes politics, economics, and society in various ways and serves as a mediator of relations between people.