Step 1: Concept
The van der Waals' equation is $(p + \frac{a}{V^{2}})(V - b) = RT$.
Step 2: Analysis
Constant 'a' represents intermolecular forces, while 'b' is the volume correction.
Step 3: Conclusion
Constant 'b' arises due to the finite size of the molecules, measuring the excluded volume.
Final Answer: (C)