BUL 5810 CORPORATE LAW PRINCIPLES
PRACTICE TEST ITEMS ANSWERS
REGULATORY COMPLIANCE ANALYSIS
2026
◉ Justice
Answer: Fair, equitable, and impartial treatment of competing
interests with regard for the common good.
◉ Classifications of Law (3)
Answer: 1. Substantive vs. Procedural
-Substantive: law creating rights and duties
-Procedural: rules enforcing substantive law
2. Public vs. Private
-Public: law dealing with the relationship between government and
individuals
-Private: law governing the relationships among individuals and
legal entities
,3. Civil vs. Criminal
-Civil: law dealing with rights and duties the violation of which
constitutes a wrong against a person or legal entity.
-Criminal: law establishing duties which, if violated, constitute a
wrong against the community.
◉ Sources of Law (4)
Answer: 1. Constitutional
2. Judicial
3. Legislative
4. Administrative
◉ What are the different forms of Judicial law?
Answer: Common law:
-developed by the courts that serve as precedent for determination
of later controversies
, Equity law:
-based upon principles distinct from common law and providing
remedies not available at law
◉ Constitutional Law
Answer: Fundamental law of a government establishing its powers
and limitations
◉ Legislative Law & different types
Answer: Statues adopted by legislative bodies
1. Treaties
-agreements among or between independent nations
2. Executive orders
-laws issued by the president or by the governor of a State
◉ Administrative Law
Answer: Created by administrative agencies to carry out their
regulatory powers and duties.
◉ Judicial Law
PRACTICE TEST ITEMS ANSWERS
REGULATORY COMPLIANCE ANALYSIS
2026
◉ Justice
Answer: Fair, equitable, and impartial treatment of competing
interests with regard for the common good.
◉ Classifications of Law (3)
Answer: 1. Substantive vs. Procedural
-Substantive: law creating rights and duties
-Procedural: rules enforcing substantive law
2. Public vs. Private
-Public: law dealing with the relationship between government and
individuals
-Private: law governing the relationships among individuals and
legal entities
,3. Civil vs. Criminal
-Civil: law dealing with rights and duties the violation of which
constitutes a wrong against a person or legal entity.
-Criminal: law establishing duties which, if violated, constitute a
wrong against the community.
◉ Sources of Law (4)
Answer: 1. Constitutional
2. Judicial
3. Legislative
4. Administrative
◉ What are the different forms of Judicial law?
Answer: Common law:
-developed by the courts that serve as precedent for determination
of later controversies
, Equity law:
-based upon principles distinct from common law and providing
remedies not available at law
◉ Constitutional Law
Answer: Fundamental law of a government establishing its powers
and limitations
◉ Legislative Law & different types
Answer: Statues adopted by legislative bodies
1. Treaties
-agreements among or between independent nations
2. Executive orders
-laws issued by the president or by the governor of a State
◉ Administrative Law
Answer: Created by administrative agencies to carry out their
regulatory powers and duties.
◉ Judicial Law
