FBLA Business Law Exam (2026) Exam Questions & Answers |
Latest Already Graded A+ UPDATE 2026\2027 Guaranteed
Exam
The second party's unqualified willingness to go along with the first party's proposal
- correct answer acceptance
A legal way to settle contractual disputes by which one party agrees to accept less than the amount due
as full payment
- correct answer accord and satisfaction
The real power a principal gives to an agent
- correct answer actual authority
A formal notice given directly to a party, usually using certified mail with a receipt
- correct answer actual notice
A take-it-or-leave-it offer made by a party who holds most of the power in a bargaining session
- correct answer adhesion contract
The body of rules created by government agencies
- correct answer administrative law
When one spouse has sexual relations with someone outside of marriage
- correct answer adultery
Related by marriage
- correct answer affinity
,A type of working relationship in which one person represents another person in a business transaction
with a third party
- correct answer agency
When the principal's actions lead the third party to believe that the agent is working for the principal
- correct answer agency by estoppel
The person who has been authorized to do the work
- correct answer agent
An agent who is appointed by another agent without the principal's authority to do so
- correct answer agent's agent
An allowance for support paid to one person by the former spouse in a divorce
- correct answer alimony
Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration,
conciliation, and negotiation
- correct answer alternative dispute resolution (ADR)
The true interest rate of a loan
- correct answer annual percentage rate (APR)
A declaration by the court that a marriage was never valid
- correct answer annulment
Authority that a third party believes an agent has while acting on behalf of the principal
- correct answer apparent authority
The U.S. courts of appeals in the federal system; hears appeals and reviews cases from the lower courts
- correct answer appellate court
, A formal hearing during which the defendant is read the indictment or information and is asked to plead
guilty or not guilty
- correct answer arraignment
Occurs when a person is legally deprived of his or her freedom
- correct answer arrest
A legal document filed with the state to establish a corporation
- correct answer articles of incorporation
Attempt to commit a battery
- correct answer assault
When one corporation agrees to purchase the assets, such as property, buildings, and equipment, of a
second corporation
- correct answer asset acquisition
The transfer of a right under contract
- correct answer assignment
A defense against negligence that is raised when the plaintiff knew of the risk and still took the chance
of being injured
- correct answer assumption of risk
Money or other property that is left with the court to assure that a person who has been arrested, but
released, will return to trial
- correct answer bail
The transfer of possession and control of personal property to another with the intent that the same
property will be returned later
- correct answer bailment
The legal process by which a debtor can make a fresh start through the sale of assets to pay off creditors
- correct answer bankruptcy
Latest Already Graded A+ UPDATE 2026\2027 Guaranteed
Exam
The second party's unqualified willingness to go along with the first party's proposal
- correct answer acceptance
A legal way to settle contractual disputes by which one party agrees to accept less than the amount due
as full payment
- correct answer accord and satisfaction
The real power a principal gives to an agent
- correct answer actual authority
A formal notice given directly to a party, usually using certified mail with a receipt
- correct answer actual notice
A take-it-or-leave-it offer made by a party who holds most of the power in a bargaining session
- correct answer adhesion contract
The body of rules created by government agencies
- correct answer administrative law
When one spouse has sexual relations with someone outside of marriage
- correct answer adultery
Related by marriage
- correct answer affinity
,A type of working relationship in which one person represents another person in a business transaction
with a third party
- correct answer agency
When the principal's actions lead the third party to believe that the agent is working for the principal
- correct answer agency by estoppel
The person who has been authorized to do the work
- correct answer agent
An agent who is appointed by another agent without the principal's authority to do so
- correct answer agent's agent
An allowance for support paid to one person by the former spouse in a divorce
- correct answer alimony
Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration,
conciliation, and negotiation
- correct answer alternative dispute resolution (ADR)
The true interest rate of a loan
- correct answer annual percentage rate (APR)
A declaration by the court that a marriage was never valid
- correct answer annulment
Authority that a third party believes an agent has while acting on behalf of the principal
- correct answer apparent authority
The U.S. courts of appeals in the federal system; hears appeals and reviews cases from the lower courts
- correct answer appellate court
, A formal hearing during which the defendant is read the indictment or information and is asked to plead
guilty or not guilty
- correct answer arraignment
Occurs when a person is legally deprived of his or her freedom
- correct answer arrest
A legal document filed with the state to establish a corporation
- correct answer articles of incorporation
Attempt to commit a battery
- correct answer assault
When one corporation agrees to purchase the assets, such as property, buildings, and equipment, of a
second corporation
- correct answer asset acquisition
The transfer of a right under contract
- correct answer assignment
A defense against negligence that is raised when the plaintiff knew of the risk and still took the chance
of being injured
- correct answer assumption of risk
Money or other property that is left with the court to assure that a person who has been arrested, but
released, will return to trial
- correct answer bail
The transfer of possession and control of personal property to another with the intent that the same
property will be returned later
- correct answer bailment
The legal process by which a debtor can make a fresh start through the sale of assets to pay off creditors
- correct answer bankruptcy
