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Credit Business Fellowsm (CBFsm)
Exam Study Outline

NIC Links

Recommended Texts

The following textbook, which is available for purchase through the NACM Bookstore, should be used to prepare for the exam:

  • Business Law Today, by Miller

This guide outlines the chapters covered by the CBF exam. Please be aware that this study outline is intended as a general guide for preparing for the examination. In-depth preparation (study sessions, seminars, self-study courses, etc.) is recommended in conjunction with reviewing the material within this study outline.

CBF Exam Format

The CBF exam typically consists of approximately 130 multiple-choice and true/false questions having equal point values. Candidates may take up to three and a half hours to complete the exam. The exam covers topics presented in the CBF required courses:

  • Business Law (the law of contracts and negotiable instruments)
  • Credit Law

Candidates may not use notes, reference materials, or books during the exam. Candidates must earn a final score of 70% to pass the exam. If you are uncertain about the references listed or the topics noted or have questions, please be sure to contact the National Education Department for clarification prior to the exam.

Suggested Reading

While the following textbook is used by NACM, other college textbooks may be substituted. You should compare the topics listed in this guide with topics presented in any alternative texts used to prepare for this exam.

Business Law Today (12th edition) by Miller

  • Chapter 1
    Law and Legal Reasoning
  • Chapter 2
    Constitutional Law
  • Chapter 3
    Ethics in Business
  • Chapter 4
    Courts and Alternative Dispute Resolution
  • Chapter 5
    Tort Law
  • Chapter 6
    Product Liability
  • Chapter 7
    Intellectual Property Rights
  • Chapter 8
    Internet Law, Social Media, and Privacy
  • Chapter 9
    Criminal Law and Cyber Crime
  • Chapter 10
    Nature and Classification
  • Chapter 11
    Agreement
  • Chapter 12
    Consideration
  • Chapter 13
    Capacity and Legality
  • Chapter 14
    Voluntary Consent
  • Chapter 15
    Statute of Frauds – Writing Requirement
  • Chapter 16
    Performance and Discharge
  • Chapter 17
    Breach and Remedies
  • Chapter 18
    Third Party Rights
  • Chapter 19
    The Formation of Sales and Lease Contracts
  • Chapter 20
    Title and Risk of Loss
  • Chapter 21
    Performance and Breach of Sale and Lease Contracts
  • Chapter 23
    International and Space Law
  • Chapter 25
    Security Interests and Creditors’ Rights
  • Chapter 26
    Bankruptcy
  • Chapter 27
    Agency Relationships in Business
  • Chapter 30
    Sole Proprietorships and Franchises
  • Chapter 31
    All Forms of Partnership
  • Chapter 32
    Limited Liability Companies and Special Business Forms
  • Chapter 33
    Corporate Formation and Financing
  • Chapter 34
    Corporate Directors, Officers, and Shareholders
  • Chapter 35
    Corporate Mergers, Takeovers, and Terminations
  • Chapter 36
    Investor Protection, Insider Trading, and Corporate Governance
  • Chapter 37
    Administrative Law
  • Chapter 38
    Antitrust Law and Promoting Competition
  • Chapter 39
    Consumer and Environmental Law
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