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Cheat sheet

CLEP Introductory Business Law cheat sheet

A condensed reference for the formulas, graph-reading rules, and must-know facts most worth reviewing before exam day.

Contracts (the core)

  • Valid contract elements: offer, acceptance, consideration, capacity, legality.
  • Defenses: fraud, duress, undue influence, mistake, lack of capacity.
  • Remedies for breach: damages, specific performance, rescission.
  • Statute of frauds: some contracts must be in writing.

Other high-yield areas

  • Sources of law: constitutions, statutes, common law, regulations; civil vs criminal.
  • UCC governs the SALE OF GOODS (movable items); common law governs service and other contracts.
  • Torts: negligence (duty, breach, causation, damages), intentional torts, strict liability.
  • Agency: a principal is bound by an agent acting within actual or apparent authority.
  • Business forms: sole proprietorship, partnership, LLC, corporation (liability differences).

Practice this first: Contracts - Contracts are the largest and most heavily tested topic on the exam.

Now put it to work - practice CLEP Introductory Business Law free

Reviewing the sheet is step one. Passers are usually hitting about 70-80% on realistic practice before test day, so the fastest way to know you are ready is to start answering real questions.