BUS375 Business Law I Exam #1 – Study Guide, Key Concepts
& Practice Questions
Constitutional Law - correct answer ✔✔Law that is based on the U.S. Constitution and the
constitutions of the various states.
Statutory Law - correct answer ✔✔The body of law enacted by legislative bodies (as opposed to
constitutional law, administrative law, or case law).
Ordinances - correct answer ✔✔Laws passed by a local governing unit, such as a city or a
county.
Uniform Laws - correct answer ✔✔A model law created by the National Conference of
Commissioners on Uniform State Laws and/or the American Law Institute for the states to
consider adopting. If the state adopts the law, it becomes statutory law in that state. Each state
has the option of adopting or rejecting all or part of these
Administrative Law - correct answer ✔✔The body of law created by administrative agencies in
order to carry out their duties and responsibilities.
Administrative Agency - correct answer ✔✔A federal or state government agency created by
the legislature to perform a specific function, such as to make and enforce rules pertaining to
the environment.
Executive Agencies - correct answer ✔✔An administrative agency within the executive branch
of government. At the federal level, they are those within the cabinet departments.
Independent Regulatory Agencies - correct answer ✔✔An administrative agency that is not
considered part of the government's executive branch and is not subject to the authority of the
president. Officials from these agencies cannot be removed without cause.
, Case Law/Common Law - correct answer ✔✔The rules of law announced in court decisions.
Interprets statutes, regulations, constitutional provisions, and other case law.
Common Law - correct answer ✔✔The body of law developed from custom or judicial decisions
in English and U.S. courts, not attributable to a legislature.
Equitable Maxims - correct answer ✔✔General propositions or principles of law that have to do
with fairness (equity).
Laches - correct answer ✔✔The equitable doctrine that bars a party's right to legal action if the
party has neglected for an unreasonable length of time to act on his or her rights.
Defense - correct answer ✔✔Reasons that a defendant offers in an action or suit as to why the
plaintiff should not obtain what he or she is seeking.
Defendent - correct answer ✔✔One against whom a lawsuit is brought, or the accused person
in a criminal proceeding.
Plaintiff - correct answer ✔✔A party that initiates a lawsuit.
Petitioner - correct answer ✔✔in equity practice, a party that initiates a lawsuit.
Respondent - correct answer ✔✔In equity practice, the party who answers a complaint or other
proceeding.
Statutes of Limitations - correct answer ✔✔A federal or state statute setting the maximum time
period during which a certain action can be brought or certain rights enforced.
& Practice Questions
Constitutional Law - correct answer ✔✔Law that is based on the U.S. Constitution and the
constitutions of the various states.
Statutory Law - correct answer ✔✔The body of law enacted by legislative bodies (as opposed to
constitutional law, administrative law, or case law).
Ordinances - correct answer ✔✔Laws passed by a local governing unit, such as a city or a
county.
Uniform Laws - correct answer ✔✔A model law created by the National Conference of
Commissioners on Uniform State Laws and/or the American Law Institute for the states to
consider adopting. If the state adopts the law, it becomes statutory law in that state. Each state
has the option of adopting or rejecting all or part of these
Administrative Law - correct answer ✔✔The body of law created by administrative agencies in
order to carry out their duties and responsibilities.
Administrative Agency - correct answer ✔✔A federal or state government agency created by
the legislature to perform a specific function, such as to make and enforce rules pertaining to
the environment.
Executive Agencies - correct answer ✔✔An administrative agency within the executive branch
of government. At the federal level, they are those within the cabinet departments.
Independent Regulatory Agencies - correct answer ✔✔An administrative agency that is not
considered part of the government's executive branch and is not subject to the authority of the
president. Officials from these agencies cannot be removed without cause.
, Case Law/Common Law - correct answer ✔✔The rules of law announced in court decisions.
Interprets statutes, regulations, constitutional provisions, and other case law.
Common Law - correct answer ✔✔The body of law developed from custom or judicial decisions
in English and U.S. courts, not attributable to a legislature.
Equitable Maxims - correct answer ✔✔General propositions or principles of law that have to do
with fairness (equity).
Laches - correct answer ✔✔The equitable doctrine that bars a party's right to legal action if the
party has neglected for an unreasonable length of time to act on his or her rights.
Defense - correct answer ✔✔Reasons that a defendant offers in an action or suit as to why the
plaintiff should not obtain what he or she is seeking.
Defendent - correct answer ✔✔One against whom a lawsuit is brought, or the accused person
in a criminal proceeding.
Plaintiff - correct answer ✔✔A party that initiates a lawsuit.
Petitioner - correct answer ✔✔in equity practice, a party that initiates a lawsuit.
Respondent - correct answer ✔✔In equity practice, the party who answers a complaint or other
proceeding.
Statutes of Limitations - correct answer ✔✔A federal or state statute setting the maximum time
period during which a certain action can be brought or certain rights enforced.
