Statutory law refers to laws that are written and enacted by a legislative body, such as a parliament or congress. These laws are created to address specific issues and provide clear guidelines for behavior within a society. For example, laws regarding traffic regulations or taxation are considered statutory laws because they are formally established through a legislative process. Unlike common law, which is based on judicial decisions and precedents, statutory law is codified and can be found in legal codes. This makes it easier for individuals and businesses to understand their rights and responsibilities. Statutory laws can be amended or repealed, allowing them to adapt to changing societal needs.