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Introductory Business Law covers subject matter usually taught in an introductory (often called Business Law I) one-semester college course in this subject. The CLEP examination places major emphasis on understanding the functions of contracts in American business law, but also includes questions on the history and sources of American law, legal systems and procedures, agency and employment, sales, and other topics.

The examination is 90 minutes long and includes approximately 100 multiple-choice questions.

This course covers the following areas:

• History and Sources of American Law
• American Legal Systems and Procedures
• Contracts
  • Meaning of terms
  • Formation of contracts
  • Consideration
  • Joint obligations
  • Contracts for the benefit of third parties
  • Assignment/Delegation
  • Statute of frauds
  • Scope and meaning of contracts
  • Breach of contract
  • Bar to remedies for breach of contract
  • Discharge of contracts
  • Illegal contracts
• Legal Environment
  • Ethics
  • Social responsibility of corporations
  • Government regulation/administrative agencies
  • Environmental law
  • Securities and antitrust law
  • Employment law
  • Creditors' rights
  • Product liability
  • Consumer protection
  • International business law
• Torts
• Agencies and Corporations
• Sales

(Taken from “Introductory Business Law,” CLEP: Introductory Business Law—CollegeBoard.com.)