What is statutory law?

Statutory law can be explained simply; the rules and regulations that all individuals must follow in order to avoid liability or arrest.
To enact a statute, the bicameral legislature has to pass a proposed bill through the House and the Senate and then send it to be signed by the executive branch - the president on the federal level or the governor on the state level.
The President signs the bills that come out of Congress, and the governor signs the bills enacted by the state legislature.
After it is signed, the bill becomes statutory law.

Statutory law is a type of law, which is passed by a legislative body. Individual laws passed by a legislative body become statutes.
Statutes are created by officials who have been elected to serve in a government's legislative branch. A new statute doesn't become binding law until the legislative body as a whole has voted to approve it. In the United States, statutes can be passed at both the federal and state levels of government.
Statutory law may cover a variety of topics. For example, criminal statutes can be passed in order to create new laws that citizens of a state or country must follow. Failure to follow a criminal statute can lead to criminal punishment. Similarly, a legislative body may also decide to pass statutes that govern corporations' responsibilities to their customers or the public as a whole. These statutes are often enforced through civil rather than criminal punishment.
In these respects, statutory law differs from the common law. Common laws are based on historical legal precedent. These types of laws are formed from analyzing opinions written by judges who have ruled on similar cases in the past. The driving idea behind the common law system is stare decisis. This Latin term means, "to stand by things decided".
The Supreme Court says the following about the importance of the common law, stare decisis system:

[Stare decisis] promotes the evenhanded, predictable, and consistent development of legal principles, fosters reliance on judicial decisions, and contributes to the actual and perceived integrity of the judicial process.

Both statutory law and common law are prevalent in the United States' judicial system. Judges interpret statutes when a case before them is based on a violation of statutory law. When a legal case is based on a violation of the common law, judges base their decisions on the principle of stare decisis.
FURTHER READING:
http://legalcareerpath.com/statutory-law/
https://www.law.cornell.edu/wex/stare_decisis

Statutory laws are laws that have been created by a legislative body. A legislative body are those parties that are elected from the people within the state to represent a specific district or area. Every state has some sort of statutory law. Statutory law is different from an administrative law that is created by an executive agency. Statutory laws can be subjected to the interpretation of the courts. Statutory laws are usually presented in the form of a bill. This bill must be voted upon by the legislative body. If it is actually approved, the next step is the approval of the governor for local laws. The governor may sign off on the law and it becomes a statue. If the governor vetoed the law, it will be sent back to the legislature. Once statutes become a law they are effective on the date stated in the bill. Everyone must follow and be respectful of statutory laws.

Statutory law refers to a written set of laws passed by a legislature or a single legislator in case of a Monarchy. The Statutory law may originate from the National (Federal) legislatures, State Legislatures or Local municipalities. The laws are promulgated to give power to people, entities, limit such power, or to amend or repeal other existing laws.
Such law varies from administrative laws that are created by executive bodies that have been granted power by the legislature to make laws to govern their areas of mandate. For instance, Environment Agency make pass laws governing land use on critical areas.
Statutory laws also vary from the common law that has been deduced from judicial rulings, opinions, and interpretation. Common law has been developed over a long period of time with some of the rulings dating back to medieval times. Such law is developed to clarify certain issues that may be ambiguous in the written law.

Statutory law is law created by the deliberate acts of an elected legislature comprised of lawmakers that vote bills into law after drafting, debating and amending proposed bills. Statutory law can be created at all levels of government: federal, state, county, city, and township. Statutes are limited to the jurisdiction that created them, in the case of the lowest levels of government, or may apply to their own jurisdiction as well as to levels of government below them that fall under their jurisdiction.
Statutory law is distinct from common law which is created by judicial rulings which may clarify and extend statutory law in cases that are ambiguous or require interpretation. Common law develops over time as precedents are set and followed, and sound legal principles are consistently applied over time to address new cases and novel situations.
Statutory law is also distinct from administrative law which is created by government agencies authorized by legislators through the agency's executive administrators and bureaucrats. These rules and regulations are just as binding as statutory law and common law.
Just as statutory law may be modified or extended through judicial rulings of the common law, common law may be altered or amended by statutory law from a legislature.