SQL Object is a peopletool definition which can be created using app designer as well as using peoplecode command CREATESQL( ) , it is mainly used for reuseablility of the sql statements. so whenever this statement is required no need to hard code, just create an sql object of the same and use where ever it is required.
sqlexec is a peoplesoft delivered function used to retrive only one row and u can update multiple rows of data. It directly interacts with the database.
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If there is same Component X in two different menus, menu1 and menu2 and if u want to assign a different search record for each menu, then which peoplecode function do u use and where do u write the code?