Law and Regulatory Framework in India

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Questions and Answers

What is the main purpose of a regulatory framework?

  • To create uniform rules and regulations for conduct (correct)
  • To limit the responsibilities of individuals and businesses
  • To provide benefits to specific groups within society
  • To ensure freedom in personal and business relationships

Which of the following is NOT a source of law in India?

  • International treaties (correct)
  • Constitution of India
  • Judicial decisions of courts
  • Statutes made by Parliament/State Assemblies

How does law contribute to society?

  • By eliminating the significance of customs and usages
  • By providing a platform for secret agreements
  • By defining the duties and obligations of citizens (correct)
  • By allowing individuals to act independently without constraints

Which of the following best reflects the concept of duties in law?

<p>Obligations imposed to protect societal welfare (A)</p> Signup and view all the answers

What does the term 'customs and usages' refer to in the context of law?

<p>Accepted practices that influence legal interpretations (B)</p> Signup and view all the answers

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Study Notes

Purpose of a Regulatory Framework

  • Provides consistent rules and regulations for individuals and businesses.
  • This ensures fairness and order in relationships.

What is Law?

  • Defines the responsibilities and obligations set by the government to protect the well-being of society.

Sources of Law in India

  • Constitution of India: The fundamental legal document that defines the structure and powers of the government.
  • Statutes: Laws passed by the Parliament (central level) and State Assemblies (state level).
  • Judicial Decisions: Interpretations of laws by courts, also known as case law or precedents.
  • Customs and Usages: Traditional practices and behaviors that have developed over time and are recognized as legally binding.

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