Define Law and explain various sources of Law.
CA Foundation · Business Laws · PYQS · September 2025
Define Law and explain various sources of Law.
Suggested Answer and Working Notes:
What is Law? Law is a set of obligations and duties imposed by the government for securing welfare and providing justice to society. India’s legal framework reflects the social, political, economic, and cultural aspects of our vast and diversified country. Sources of Law The main sources of law in India are: (i) the Constitution, (ii) the Statutes or Laws made by Parliament and State Assemblies, (iii) Precedents or the Judicial Decisions of various Courts and in some cases, established Customs and Usages. The elected representatives of the people to the Parliament and to the Legislative Assemblies of various States make laws in the Parliament or in the State Assemblies. The Constitution of India,1950 is the foremost law that deals with the framework within which our democratic system works, and our laws are made for the people, by the people. The Constitution also provides for and protects certain Fundamental Rights of citizens. It also lays down Fundamental duties as well as the powers and duties of Governments, both Central and State. The laws in India are interconnected with each other forming a hybrid legal system. The people who wrote the Constitution decided to divide the law-making power between the Central Government and the various State Governments. So, the Indian Constitution has three lists Viz., Central List, State List and Joint List. A matter would become the subject matter for Central Law or a State Law depending on the List.
Topics: Indian Regulatory Framework
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