FBLA Business Law Exam Solution Manual Already Passed Latest Update 2025

FBLA Business Law Exam Solution Manual Already Passed Latest Update 2025 acceptance - Answers The second party's unqualified willingness to go along with the first party's proposal accord and satisfaction - Answers A legal way to settle contractual disputes by which one party agrees to accept less than the amount due as full payment actual authority - Answers The real power a principal gives to an agent actual notice - Answers A formal notice given directly to a party, usually using certified mail with a receipt adhesion contract - Answers A take-it-or-leave-it offer made by a party who holds most of the power in a bargaining session administrative law - Answers The body of rules created by government agencies adultery - Answers When one spouse has sexual relations with someone outside of marriage affinity - Answers Related by marriage agency - Answers A type of working relationship in which one person represents another person in a business transaction with a third party agency by estoppel - Answers When the principal's actions lead the third party to believe that the agent is working for the principal agent - Answers The person who has been authorized to do the work agent's agent - Answers An agent who is appointed by another agent without the principal's authority to do so alimony - Answers An allowance for support paid to one person by the former spouse in a divorce alternative dispute resolution (ADR) - Answers Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration, conciliation, and negotiation annual percentage rate (APR) - Answers The true interest rate of a loan annulment - Answers A declaration by the court that a marriage was never valid apparent authority - Answers Authority that a third party believes an agent has while acting on behalf of the principal appellate court - Answers The U.S. courts of appeals in the federal system; hears appeals and reviews cases from the lower courts arraignment - Answers A formal hearing during which the defendant is read the indictment or information and is asked to plead guilty or not guilty arrest - Answers Occurs when a person is legally deprived of his or her freedom articles of incorporation - Answers A legal document filed with the state to establish a corporation assault - Answers Attempt to commit a battery asset acquisition - Answers When one corporation agrees to purchase the assets, such as property, buildings, and equipment, of a second corporation assignment - Answers The transfer of a right under contract assumption of risk - Answers A defense against negligence that is raised when the plaintiff knew of the risk and still took the chance of being injured bail - Answers 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 bailment - Answers The transfer of possession and control of personal property to another with the intent that the same property will be returned later bankruptcy - Answers The legal process by which a debtor can make a fresh start through the sale of assets to pay off creditors battery - Answers The unlawful touching of another person beneficiary - Answers The person named in an insurance policy to receive the proceeds of the policy bigamy - Answers The illegal act of having two spouses at the same time bilateral contract - Answers A contract that contains two promises: one party promises to do something in exchange for the other's promise to do something else bill of sale - Answers Formal evidence of ownership breach of contract - Answers When one party to a contract fails to perform the duties spelled out by the contract burglary - Answers Breaking and entering a house or other structure to commit a felony capacity - Answers The legal ability to enter into a contract carrier - Answers A business that transports persons, goods, or both certificate of incorporation - Answers A corporation's official authorization to do business in a state Chapter 11 bankruptcy - Answers A type of bankruptcy that allows businesses to reorganize their financial affairs and still remain in business Chapter 12 bankruptcy - Answers A form of bankruptcy that lets family farmers and fishing businesses create a plan for debt repayment that allows them to keep their operations running Chapter 13 bankruptcy - Answers A form of bankruptcy that permits individual debtors to reorganize their debts and develop payment plans Chapter 7 bankruptcy - Answers A type of bankruptcy that allows individual debtors to discharge all their debts and make a fresh start; ordinary bankruptcy collateral - Answers The property that is offered as a security interest collective bargaining - Answers A process in which union and management representatives get together to work out issues such as wages, working conditions, and hiring and firing policies Commerce Clause - Answers A statement in Article I of the Constitution giving Congress the power to regulate commerce among the states common carrier - Answers A carrier that is compensated for providing transportation to the general public common law - Answers A set of laws made by the courts that provide a series of consistent rules that later courts must follow common-law marriage - Answers An informal type of marriage created by the parties themselves comparative negligence - Answers A defense against negligence which is raised when the carelessness of each party is compared to the carelessness of the other party compensation - Answers Fair payment for the job performed conglomerate - Answers A corporation that owns many different types of companies consanguinity - Answers Related by blood consideration - Answers The exchange of benefits and detriments by the parties to a contract consolidation - Answers When two or more companies join together to form a new corporation constitution - Answers A country's formal document that spells out the principles by which its government operates