Business Law Exam 1
Study Guide Questions
and Answers Updated
2026
CommonBLawB-
BAnswerBDevelopedBbyBjudgesBwhoBissueBtheirBopinionsBwhenBdecidingBaBcase.
StatutesB-
BAnswerBWrittenBlawBenactedBbyBtheBlegislativeBbranchBofBtheBfederalB&BstateBgove
rnmentsBthatBestablishesBcertainBcoursesBofBconductBthatBcoveredBpartiesBmustBadhe
reBto.
StareBDecisisB-BAnswerB"ToBstandBbyBtheBdecision"
PrecedentB-BAnswerB-RuleBofBlawBestablishedBinBaBcourtBdecision.B
-LowerBcourtsBmustBfollow
ExclusiveBJurisdictionB-
BAnswerBHearsBcasesBinvolvingBfederalBcrimes,Bantitrust,Bbankruptcy,BpatentBandBcopy
right,BsuitsBagainstBtheBU.S.,BandBmostBadmiraltyBcases.
ConcurrentBJurisdictionB-
BAnswerBHearsBcasesBinvolvingBdiversityBofBcitizenshipBandBfederalBquestionsBoverBw
hichBfederalBcourtsBdoBnotBhaveBexclusiveBjurisdiction.
InBRemBJurisdictionB-
BAnswerBJurisdictionBtoBhearBaBcaseBbecauseBofBjurisdictionBoverBtheBpropertyBofBth
eBlawsuit.
, InBPersonemBJurisdictionB-BAnswerBJurisdictionBoverBtheBpartiesBtoBaBlawsuit.
DiversityBJurisdictionB-
BAnswerBMeansBforBbringingBaBlawsuitBinBfederalBcourtBthatBinvolvesBaBnonfederalBq
uestionBifBtheBpartiesBareB(1)BcitizensBofBdifferentBstatesBorB(2)BcitizenBofBaBstateBan
dBaBcitizenBorBsubjectBofBaBforeignBcountry.
StandingBtoBSueB-BAnswerBHavingBsomeBstakeBinBtheBoutcomeBofBaBlawsuit.
VenueB-
BAnswerBConceptBthatBrequiresBlawsuitsBtoBbeBheardBbyBtheBcourtBwithBjurisdictionB
thatBisBnearestBtheBlocationBinBwhichBtheBincidentBoccurredBorBwhereBtheBpartiesBre
side.
U.S.BDistrictBCourtsB-BAnswerB-FederalBcourtBsystem'sBintermediateBappellateBcourtsB
-94Bcourts
-EmpoweredBtoBimpanelBjuries,BreceiveBevidence,BhearBtestimony,BandBdecideBcases.
U.S.BCourtsBofBAppealsB-BAnswerB-
HasBspecialBappellateBjurisdictionBtoBreviewBtheBdecisionsBofBtheBCourtBofBFederalBCl
aims,BtheBPatentBandBTrademarkBOffice,B&BtheBCourtBofBInternationalBTrade.B
-13BCircuits
U.S.BSupremeBCourtB-
BAnswerBHighestBcourtBinBtheBUS,BlocatedBinBWashingtonBDC;BcreatedBbyBArticleBIIIB
ofBtheBUSBConstitution.
PlaintiffB-BAnswerBPartyBwhoBfilesBtheBcomplaint.
DefendantB-BAnswerBPartyBwhoBfilesBanBAnswer.
Study Guide Questions
and Answers Updated
2026
CommonBLawB-
BAnswerBDevelopedBbyBjudgesBwhoBissueBtheirBopinionsBwhenBdecidingBaBcase.
StatutesB-
BAnswerBWrittenBlawBenactedBbyBtheBlegislativeBbranchBofBtheBfederalB&BstateBgove
rnmentsBthatBestablishesBcertainBcoursesBofBconductBthatBcoveredBpartiesBmustBadhe
reBto.
StareBDecisisB-BAnswerB"ToBstandBbyBtheBdecision"
PrecedentB-BAnswerB-RuleBofBlawBestablishedBinBaBcourtBdecision.B
-LowerBcourtsBmustBfollow
ExclusiveBJurisdictionB-
BAnswerBHearsBcasesBinvolvingBfederalBcrimes,Bantitrust,Bbankruptcy,BpatentBandBcopy
right,BsuitsBagainstBtheBU.S.,BandBmostBadmiraltyBcases.
ConcurrentBJurisdictionB-
BAnswerBHearsBcasesBinvolvingBdiversityBofBcitizenshipBandBfederalBquestionsBoverBw
hichBfederalBcourtsBdoBnotBhaveBexclusiveBjurisdiction.
InBRemBJurisdictionB-
BAnswerBJurisdictionBtoBhearBaBcaseBbecauseBofBjurisdictionBoverBtheBpropertyBofBth
eBlawsuit.
, InBPersonemBJurisdictionB-BAnswerBJurisdictionBoverBtheBpartiesBtoBaBlawsuit.
DiversityBJurisdictionB-
BAnswerBMeansBforBbringingBaBlawsuitBinBfederalBcourtBthatBinvolvesBaBnonfederalBq
uestionBifBtheBpartiesBareB(1)BcitizensBofBdifferentBstatesBorB(2)BcitizenBofBaBstateBan
dBaBcitizenBorBsubjectBofBaBforeignBcountry.
StandingBtoBSueB-BAnswerBHavingBsomeBstakeBinBtheBoutcomeBofBaBlawsuit.
VenueB-
BAnswerBConceptBthatBrequiresBlawsuitsBtoBbeBheardBbyBtheBcourtBwithBjurisdictionB
thatBisBnearestBtheBlocationBinBwhichBtheBincidentBoccurredBorBwhereBtheBpartiesBre
side.
U.S.BDistrictBCourtsB-BAnswerB-FederalBcourtBsystem'sBintermediateBappellateBcourtsB
-94Bcourts
-EmpoweredBtoBimpanelBjuries,BreceiveBevidence,BhearBtestimony,BandBdecideBcases.
U.S.BCourtsBofBAppealsB-BAnswerB-
HasBspecialBappellateBjurisdictionBtoBreviewBtheBdecisionsBofBtheBCourtBofBFederalBCl
aims,BtheBPatentBandBTrademarkBOffice,B&BtheBCourtBofBInternationalBTrade.B
-13BCircuits
U.S.BSupremeBCourtB-
BAnswerBHighestBcourtBinBtheBUS,BlocatedBinBWashingtonBDC;BcreatedBbyBArticleBIIIB
ofBtheBUSBConstitution.
PlaintiffB-BAnswerBPartyBwhoBfilesBtheBcomplaint.
DefendantB-BAnswerBPartyBwhoBfilesBanBAnswer.
