business law Collin College -Business Law FBLA questions with complete solutions

business law Collin College -Business Law FBLA questions with complete solutionsAcceptance - correct answer The second party's unqualified willingness to go along with the first party's proposal Accord and Satisfaction - correct answer A legal way to settle contractual disputes by which one party agrees to accept less than the amount due as full payment Actual Authority - correct answer The real power a principal gives to an agent Actual Notice - correct answer A formal notice given directly to a party, usually using certified mail with a receipt Adhesion contract - correct answer A take-it-or-leave-it offer made by a party who holds most of the power in a bargaining session Administrative Law - correct answer The body of rules created by government agencies Agency - correct answer A type of working relationship in which one person represents another person in a business transaction with a third party Agency by Estoppel - correct answer When the principal's actions lead the third party to believe that the agent is working for the principal (appointed but not officially) Agent - correct answer The person who has been authorized to do the work Alternative Dispute Resolution - correct answer Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration, conciliation, and negotiation Annual Percentage Rate (APR) - correct answer The true interest rate of a loan