Pdf clep introductory business law at a glance

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CLEP? Introductory Business Law: At a Glance
Description of the Examination Breach of contract and remedies
The Introductory Business Law examination covers material that Bar to remedies for breach of contract
is usually taught in an introductory one-semester college course
in the subject. The examination places not only major emphasis Discharge of contracts
on understanding the functions of contracts in American business Illegal contracts
law, but it also includes questions on the history and sources
of American law, legal systems and procedures, agency and Other
employment, sales, and other topics.
25-30% Legal Environment
The examination contains approximately 100 questions to be Ethics
answered in 90 minutes. Some of these are pretest questions that
will not be scored. Social responsibility of corporations
Knowledge and Skills Required Government regulation/administrative agencies
Questions on the test require candidates to demonstrate one or Environmental law
more of the following abilities in the approximate proportions
indicated. Securities and antitrust law
? Knowledge of the basic facts and terms (about 30-35 percent Employment law
of the examination) Creditors' rights
? Understanding of concepts and principles (about 30-35 percent Product liability
of the examination)
? Ability to apply knowledge to specific case problems (about 30 Consumer protection
percent of the examination) International business law
The subject matter of the Introductory Business Law examination 10-15% Torts
is drawn from the following topics. The percentages next to
the main topics indicate the approximate percentage of exam 5-10% Miscellaneous
questions on that topic. Agency, partnerships and corporations
5-10% History and Sources of American Law/ Sales
Constitutional Law
Study Resources
5-10% American Legal Systems and Procedures Most textbooks used in college-level business law courses cover
25-35% Contracts the topics in the outline given earlier, but the approaches to
Meanings of terms
certain topics and the emphases given to them may differ. To
prepare for the Introductory Business Law exam, it is advisable to
Formation of contracts study one or more college textbooks, which can be found for sale
Capacity
online or in most college bookstores. When selecting a textbook,
check the table of contents against the Knowledge and Skills
Consideration Required for this test.
Joint obligations A recent survey conducted by CLEP? found that the following
Contracts for the benefit of third parties
textbooks (first author listed only) are among those used by
college faculty who teach the equivalent course. You might find
Assignment/delegation one or more of these online or at your local college bookstore.
Statute of frauds
HINT: Look at the table of contents first to make sure it covers the
topics required for this exam.
Scopes and meanings of contracts
1
CLEP? Introductory Business Law: At a Glance
August, American Business Law (Pearson) (A) he did not intend to steal the steaks
Beatty and Samuelson, Introduction to Business Law (West) (B) the gourmet food that he was fed was poorly prepared
Brown, Business Law with UCC Applications (McGraw-Hill) (C) the grocer had no authority from the sheriff to hold him
Cheeseman, Business Law (Prentice Hall) (D) the grocer detained him for a reasonable time after reasonably
Clarkson, West's Business Law (South-Western) suspecting him of shoplifting
Emerson, Business Law (Barron's) (E) the grocer detained him for an unreasonable time after
Goldman and Sigismond, Business Law: Principles and Practices reasonably suspecting him of shoplifting
(Houghton-Mifflin)
Jennings, Business: Its Legal, Ethical and Global Environment 2. Which of the following is true about the doctrine of
(West) commercial speech?
Kubasek, Dynamic Business Law (McGraw-Hill) (A) It is specifically guaranteed to corporations in the United
Liuzzo and Bonnice, Essentials of Business Law (Richard D. States Constitution.
Irwin) (B) It holds that commercial speech is entitled to the same
Mallor, Business Law (McGraw-Hill) protection as political speech.
Mann and Roberts, Essentials of Business Law and the Legal (C) It states that commercial speech is entitled to limited
Environment (West) protection.
Mann, Smith and Roberson's Business Law (West) (D) It states that commercial speech is not entitled to any
Miller, Business Law Today: The Essentials (West) protection under the law.
Miller, Business Law: Text and Exercises (West) (E) It states that commercial speech is entitled to the same
Twomey and Jennings, Business Law: Principles for Today's protection as obscene speech.
Commercial Environment (South-Western)
Twomey, Anderson's Business Law and the Legal Environment 3. A legal action by a defendant against a plaintiff is
(West) known as
(A) a counterclaim
Visit clepprep for additional business (B) a complaint
law resources. You can also find suggestions for exam preparation
in Chapter IV of the CLEP Official Study Guide. In addition, (C) an answer
many college faculty post their course materials on their schools' (D) a reply
websites. (E) a cross-claim
Sample Test Questions
The following sample questions do not appear on an actual CLEP 4. Two days after his daughter was born, Bill decided
examination. They are intended to give potential test-takers an to take out a life insurance policy so that in the event
indication of the format and difficulty level of the examination he dies, there would be enough money to raise his
and to provide content for practice and review. For more sample daughter. This life insurance policy is an example of
questions and info about the test, see the CLEP Official Study Guide. (A) a creditor beneficiary contract
1. Ed lives in Maine, a state that has a so-called (B) a donee beneficiary contract
merchant protection statute (or shopkeeper's privilege). (C) an incidental beneficiary contract
One day Ed goes to the grocery store to shoplift some (D) an assignment contract
steaks for dinner. The owner of the grocery store
catches Ed red-handed in the act of shoplifting. He (E) a gift
and an employee gently restrain Ed in the back room,
feeding him gourmet food and wine until the local
sheriff finally shows up three days later. If Ed sues the
grocer for the tort of false imprisonment, he will win if
he can prove that
2
CLEP? Introductory Business Law: At a Glance
5. Primary responsibility for establishing a corporation's 7. Martha hires Janet to work for her as a sales
social responsibility standards is exercised by the representative. Martha specifically tells Janet that any
(A) officers of the corporation sale worth over $10,000 and any sale with a discount
(B) board of directors
greater than 8 percent must have Martha's express
approval. Janet signs a contract with a long-standing
(C) stockholders customer who is aware of the approval requirements
(D) employees of the corporation
that Martha imposes on her sales representatives.
The contract calls for an 11 percent discount and is for
(E) customers of the corporation the purchase of $25,000 worth of goods. Janet did not
get Martha's approval prior to signing. Which of the
6. Jerry purchases flowers for his wife from Flowers following is true of this contract?
Galore. He pays extra to have the flowers delivered (A) Martha is obligated to honor the contract.
to his wife's office on the day of their anniversary. If
Flowers Galore fails to deliver the flowers, what rights, (B) Martha is not obligated to honor the contract.
if any, does Jerry's wife have under the contract? (C) Janet will be liable to the customer for the contract.
(A) S he has no right to enforce the contract because she is an (D) The customer has the option of avoiding the contract.
incidental beneficiary.
(B) S he cannot enforce the contract because she is not in privity of
(E) Janet has done nothing improper.
contract with Flowers Galore. Credit Recommendations
(C) She is a creditor beneficiary and can enforce the contract. The American Council on Education has recommended that
(D) She is a donee beneficiary and can enforce the contract.
colleges grant 3 credits for a score of 50, which is equivalent to a
course grade of C, on the CLEP Introductory Business Law exam.
(E) S he can sue Jerry for purchasing flowers from an unreliable Each college, however, is responsible for setting its own policy. For
florist, but she has no rights against Flowers Galore. candidates with satisfactory scores on the Introductory Business
Law examination, colleges may grant credit toward fulfillment of
a distribution requirement, or for a particular course that matches
the exam in content. Check with your school to find out the score
it requires for granting credit, the number of credit hours granted
and the course that can be bypassed with a passing score.
Answers to Sample Questions: 1-E; 2-C; 3-A; 4-B; 5-B; 6-D; 7-B.
10b-1505
3

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