What does statutory mean in business?

statutory means created by a statute. A statute can be a law passed by a legislative body that is created and enforced by a government to regulate the activities of its people. Statutes are often created to regulate private business activities as well, such as tax codes, labor laws, and health and safety codes.

What does statutory mean in law?

statutes are specific laws (created by either the state or federal government) that each state or county must follow. There are hundreds of different types of statutes, and they’re all used for different things. Some apply only to businesses, while others apply to individuals. Statutes cover everything from how businesses can operate to how individuals can file a lawsuit.

What does statutory mean in terms of a statute?

A statute (or legislative act) is a law passed by Parliament or a state legislature. Statutes are the most common form of law in the United States and are the foundation of both criminal and civil law. Statutes are created by the lawmakers and, as a result, each state has different laws. Even though there are often similarities in the way each state enforces its criminal and civil statutes, the actual laws are different.

What does statutory mean in a law?

Statutory requirements are created by the state legislature and relate to a particular topic. Commonly, they serve to protect the people of that state. For example, the building code is created by the government to ensure that people who rent or purchase a home have a safe and habitable residence.

What does statutory mean in English?

Statutory laws are laws created by a legislature, a representative body of government. When a legislature passes a law, it becomes “the law” and is enforced by the government. Statutory laws are created by the government to govern the actions of its citizens.