What set of obligations is imposed by the government for the welfare of society?

Prepare for the CA Foundation Business Law Exam with our comprehensive quiz. Utilize flashcards and multiple-choice questions, each complete with hints and explanations. Ace your exam confidently!

Law encompasses the system of rules and guidelines that are created and enforced by governmental institutions to regulate behavior within a society. These laws establish obligations that people and organizations must follow for the welfare of society, protecting rights, maintaining order, and promoting justice.

Statutes, regulations, and bylaws are more specific forms of law. Statutes are written laws enacted by legislative bodies, regulations are rules made by governmental agencies to enforce statutes, and bylaws are rules adopted by organizations for their internal governance. While all these components serve to further the framework of law, the term "law" in a broad sense captures the overall set of obligations imposed by governing bodies to ensure society operates harmoniously and justly.

Thus, law is the umbrella term that signifies the collective societal obligations, rather than the more specific categories like statutes, regulations, or bylaws, which serve distinct purposes within the legal system.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy