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Feudalism was a system for structuring society around relationships derived from the holding of land in exchange for service or labour. Society was organized under a rigid class system with no social mobility called feudalism. King, Nobel and the knights were the priviage class of the society. The king awarded land grants or fiefs to his most important nobles, barons, and bishops in exchange for their contribution of soldiers for the king's armies.They enjoyed all the privilages but were not to pay taxes. The Serfs( Peasants)were the working class. They worked and lived on a noble's land in exchange for protection by knights, who were bound by a code of conduct called chivalry. They have only limited rights but have to pay taxes.