Business Law FBLA Question and Answer
[2026] | UPDATED ACTUAL Exam | A+
Verified
• Acceptance -✓✓ The second party's unqualified willingness to go along with the
first party's proposal
• Accord and Satisfaction -✓✓ A legal way to settle contractual disputes by which
one party agrees to accept less than the amount due as full payment
• Actual Authority -✓✓ The real power a principal gives to an agent
• Actual Notice -✓✓ A formal notice given directly to a party, usually using
certified mail with a receipt
• Adhesion contract -✓✓ A take-it-or-leave-it offer made by a party who holds
most of the power in a bargaining session
• Administrative Law -✓✓ The body of rules created by government agencies
• Agency -✓✓ A type of working relationship in which one person represents
another person in a business transaction with a third party
• Agency by Estoppel -✓✓ When the principal's actions lead the third party to
believe that the agent is working for the principal (appointed but not officially)
• Agent -✓✓ The person who has been authorized to do the work
, • Alternative Dispute Resolution -✓✓ Parties try to resolve disagreements outside
of the usual court system, by mediation, arbitration, conciliation, and negotiation
• Annual Percentage Rate (APR) -✓✓ The true interest rate of a loan
• Apparent Authority -✓✓ Authority that a 3rd party believes an agent has while
acting on behalf of the principal
• Appellate Court -✓✓ The U.S. courts of appeals in federal system; hears appeals
and reviews cases from the lower courts
• Arraignment -✓✓ A formal hearing during which the defendant is read the
indictment or info and is asked to plead guilty or not guilty
• Articles of Incorporation -✓✓ A legal document filed with the state to establish a
corporation
• Arrest -✓✓ Occurs when a person is legally deprived of his or her freedom
• Assault -✓✓ Attempt to commit a battery
• Asset Acquisition -✓✓ When one corporation agrees to purchase the assests, such
as property, building, and equipment, of a second corporation
• Assignment -✓✓ The transfer of a right under contract
[2026] | UPDATED ACTUAL Exam | A+
Verified
• Acceptance -✓✓ The second party's unqualified willingness to go along with the
first party's proposal
• Accord and Satisfaction -✓✓ A legal way to settle contractual disputes by which
one party agrees to accept less than the amount due as full payment
• Actual Authority -✓✓ The real power a principal gives to an agent
• Actual Notice -✓✓ A formal notice given directly to a party, usually using
certified mail with a receipt
• Adhesion contract -✓✓ A take-it-or-leave-it offer made by a party who holds
most of the power in a bargaining session
• Administrative Law -✓✓ The body of rules created by government agencies
• Agency -✓✓ A type of working relationship in which one person represents
another person in a business transaction with a third party
• Agency by Estoppel -✓✓ When the principal's actions lead the third party to
believe that the agent is working for the principal (appointed but not officially)
• Agent -✓✓ The person who has been authorized to do the work
, • Alternative Dispute Resolution -✓✓ Parties try to resolve disagreements outside
of the usual court system, by mediation, arbitration, conciliation, and negotiation
• Annual Percentage Rate (APR) -✓✓ The true interest rate of a loan
• Apparent Authority -✓✓ Authority that a 3rd party believes an agent has while
acting on behalf of the principal
• Appellate Court -✓✓ The U.S. courts of appeals in federal system; hears appeals
and reviews cases from the lower courts
• Arraignment -✓✓ A formal hearing during which the defendant is read the
indictment or info and is asked to plead guilty or not guilty
• Articles of Incorporation -✓✓ A legal document filed with the state to establish a
corporation
• Arrest -✓✓ Occurs when a person is legally deprived of his or her freedom
• Assault -✓✓ Attempt to commit a battery
• Asset Acquisition -✓✓ When one corporation agrees to purchase the assests, such
as property, building, and equipment, of a second corporation
• Assignment -✓✓ The transfer of a right under contract
