Which term refers to a formal rule established by a governing body that has binding legal force?

The term that refers to a formal rule established by a governing body that possesses binding legal force is "law." Laws are established through a systematic process involving legislation, and they are designed to maintain order, protect rights, and ensure justice within a society. They are enforceable by government institutions and carry penalties or consequences for those who do not adhere to them.

While "regulation" is closely related and refers to rules created by government agencies based on laws, it typically has a more specific application and does not encompass the full scope of what constitutes a law. "Policy" denotes a guiding principle or plan adopted by an organization, which does not have legal enforcement authority. "Standard" refers to a set guideline or criteria established within specific contexts, such as quality or safety, but is not a legally binding rule in the same way that a law is. Thus, law is the correct term for a formal rule enacted by a governing body with the power to enforce it.