Is the Universe perpetual and does the Universe observe the laws of Thermodynamics

[petrushka.googol]

Do the planets lose energy of motion (there is no friction in space) and will they continue in space as long as their parent star(s) exist ?

[swansont]

There is almost no friction in space. But that's not the only mechanism to worry about.

 

Orbiting bodies can exchange energy via tidal interactions; this is why the moon is receding from the earth.

[J.C.MacSwell]

Do the planets lose energy of motion (there is no friction in space) and will they continue in space as long as their parent star(s) exist ?

Barring accidents slightly yes and generally yes, The title question is a little more profound.

[BearOfNH]

... and will they continue in space as long as their parent star(s) exist ?

Not necessarily. Planets can be ejected from a solar system by orbital dynamics involving heavier planets or rogue stars. There are many "orphan" planets out there, hurtling through space with no sun. The future of such a planet is independent of the former parent star.

 

Current best models predict the universe will eventually suffer a heat death. Such a universe may be perpetual but there's nothing worthwhile going on.