Library Guides: Study Guide: CLEP: Introductory Business Law

What's on the test?

Overview
Question Breakdown

Overview

The Introductory Business Law exam covers contracts, the history and sources of American law, and other topics. The exam places not only major emphasis on understanding the functions of contracts in American business law, but it also includes questions on the history and sources of American law, legal systems and procedures, agency and employment, sales, and other topics.

Study Guides & Resources

# of Questions	Time
100	90 minutes

Knowledge and Skills Required

Knowledge of the basic facts and terms (about 30%–35% of the exam)
Understanding of concepts and principles (about 30%–35% of the exam)
Ability to apply knowledge to specific case problems (about 30% of the exam)

Score Information

ACE Recommendation for Introductory Business Law

Credit-granting Score	Semester Hours
50	3

Note: Each institution reserves the right to set its own credit-granting policy, which may differ from the American Council on Education (ACE). Contact your the TSTC testing center to find out the score required for credit and the number of credit hours granted.

History and Sources of American Law/Constitutional Law (5%–10%)

American Legal Systems and Procedures (5%–10%)

Contracts (30%–40%)

Meanings of terms
Formation of contracts
Capacity
Consideration
Joint obligations
Contracts for the benefit of third parties
Assignment/delegation
Statute of frauds
Scopes and meanings of contracts
Breach of contract and remedies
Bar to remedies for breach of contract
Discharge of contracts
Illegal contracts
Other

Legal Environment (20%–25%)

Ethics
Social responsibility of corporations
Government regulation/administrative agencies
Antitrust law
Employment law
Product liability
Consumer protection
International business law

Torts (10%–15%)

Miscellaneous (5%–10%)

Agency, partnerships, and corporations
Sales

Introductory Business Law resources

Practice Exams

CLEP® Introductory Business Law Practice Exams
Includes three 100-question practice tests that can help prepare you for the CLEP® Introductory Business Law exam and is designed to assess your general knowledge of topics and issues frequently encountered in undergraduate education courses such as constitutional law, torts, formation of contracts, and more. Use the instant scoring and detailed answer explanations to determine where you're strong, and what you can work on improving.

Study Guides & Fact Sheets

CLEP® Introductory Business Law Exam Fact Sheet and Study Guide
Includes detailed, printable information about the official CLEP® Introductory Business Law Exam to help you prepare. The study guide offers in-depth review lessons for the topics covered on the CLEP® Introductory Business Law exam. It also includes helpful practice questions with detailed answer explanations to review and reinforce what you’ve learned, and suggestions for further reading to help you succeed on the official exam.
CLEP® Introductory Business Law Flashcards and Study Interactive
Includes three decks of flashcards on key terms and their explanations, one deck of practice questions and detailed answer explanations, and study interactive on essential concepts.
Lesson 3 Understanding Contracts and Why They Matter.
This exercise helps students practice understanding of contracts, contract components and implications, with mini test to assess understanding.

Videos

CLEP® Introductory Business Law Exam Prep: Introduction
This video provides a helpful introduction to the CLEP® Introductory Business Law exam, including the primary topics covered, to help you get ready for test day.
Contracts
A contract is an agreement between two or more people, groups, or companies. It clearly states what each party has to do and is legally binding, meaning the law can enforce the agreement and make sure everyone follows the rules.
What is the Rule of Law?
Caroline Winterer talks about the rule of law.
Where did the founders get the idea of the rule of law?
Robert George talks about the idea of the rule of law.
Contract Law Overview, 2021
Academic Video Online (AVON)
This Video Explains Contract Law Introduction
Introduction to Business Law, 2021
Academic Video Online (AVON)
This view covers chapter 1 Introduction to Business Law, explaining what is law, jurisprudence, rule of law, law & economic strength.

Websites

Introductory Business Law course
This course covers material that is usually taught in an introductory one-semester college course on business law. Our goal is to prepare you to pass the College Board’s CLEP examination and obtain college credit for free. The CLEP examination places a major emphasis on understanding the functions of contracts in American business law. It also includes questions on the history and sources of American law, legal systems and procedures, agency, employment and sales.