Lenz law in an open circuit
That law can be used to predict the polarity of the induced voltage in a coil that is in a changing magnetic field.  The polarity must be such way that the change in the magnetic flux would be reduced if there were a way for the current which was caused by the induced voltage.

The effect does not need resistance and it occurs also in closed circuits. For example in superconductors all changes in the magnetic flux are impossible because the induced current compensates the change.

Many sources present Lenz's law as an extended induction law. But Faraday's 2nd rule already had the absolute value of the induced emf right, so Lenz's part in the formula is the polarity.

I have not seen Lenz's nor Faraday's original writings => I cannot be sure, if Faraday possibly had some errors or holes in his concepts, so bad that Lenz can be considered to be the real inventor of the quantitative law of induction.