Business Law

PURPOSE
The Business Law exam documents basic knowledge in business law that is needed by business professionals to help ensure the ethical and legal operations of a business or organization.

AUDIENCE
This credential is appropriate for any business professional or support staff working in the business arena. 

JOB/CAREER REQUIREMENTS
These credentials document the basic knowledge of business law concepts as applied in the general business arena. All business professionals and supporting staff must understand how to legally and ethically conduct business affairs. The knowledge base includes an understanding of the general legal environment of U.S. law and its relationship to international business laws, the torts and criminal laws that govern business interactions, laws related to product liability, laws related to intellectual property, contract and agency laws, laws related to credit and collections, employment laws, laws related to business structure and organization, property laws, and landlord-tenant laws. It is also important to be aware of the numerous government regulations imposed on businesses and business professionals.

BUSINESS LAW WORKPLACE TASKS:

• Apply basic business laws and legal concepts to setting up a business and the business structure and organization  
• Protect and legally use intellectual property including patents, copyrights, trademarks, and service marks  
• Comply with all laws and regulations related to product liability, product defects, and related damages
• Understand the numerous torts and crimes in the business arena 
• Create, review, and adhere to the numerous contracts negotiated in business  
• Understand the rights and responsibilities of principals, agents, and third parties in agency transactions.
• Comply with the various employment laws and government regulations that affect the employer-employee relationship  
• Understand the variables involved in secured and unsecured credit and apply the laws related to collection of debts 
• Legally acquire and transfer ownership of personal and real property  
• Comply with all government regulations imposed on businesses and business owners and professionals
• Comply with the laws and regulations imposed on businesses conducting business globally

EXAM STRUCTURE OVERVIEW
Number of Questions in Exam: 140
Total Time: 120 minutes
Overall Passing Score: 70%
(All sections require an individual passing score of 70%)