CMA Foundation · Fundamentals of Business Laws and Business Communication · Sources of Law
Which of the following best describes the meaning of 'law' in the sense used in the study of business laws?
Law is a body of rules of conduct that regulates the behaviour of people in society and is enforced by the State through sanctions. Moral guidelines, family customs or voluntary trade recommendations lack this State backing, so they are not law in the legal sense.
- AA set of rules of conduct, enforced by the State, that regulates the behaviour of persons in societyCorrect
- BA set of moral guidelines that are followed only when a person feels like following them
- CA set of customs practised by a single family or community without any State backing
- DA list of recommendations issued by trade associations that members may ignore
Explanation
Law in the legal sense is a body of rules regulating human conduct that the State enforces through its authority and sanctions. Moral guidelines, private customs and voluntary recommendations lack State enforcement, so they do not qualify as law in this sense.
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