Introductory Business Law CLEP Prep Practice Exam

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Prepare for the Introductory Business Law CLEP Exam with our comprehensive quiz, designed to cover essential legal concepts and practices. Study effectively and boost your chances of success!

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What are the two primary sources of business law?

Common Law and Case Law
Statutory Law and Case Law
Common Law and Civil Law
Common Law and Statutory Law

The correct answer is: Common Law and Statutory Law

The two primary sources of business law are common law and statutory law. Common law is created by judges and is based on legal precedents set by previous court cases. Statutory law, on the other hand, is created by legislative bodies, such as Congress, and is written in statutes or codes. Common law is incorrect because it is only one of the primary sources, not both. Case law is a type of common law that is based on decisions made by judges in court cases. It is not a separate source of law. Similarly, civil law is a type of legal system that is based on codified laws and is not relevant to the discussion of primary sources of business law. It is not a distinct source of law like common law and statutory law. Statutory law is also not correct because it is only one of the primary sources, not both. While it is an important