2/24/25, 6:26 AM FBLA Business Law 2025 update|comprehensive questions and verified answers (complete solutions) Exam|GRADE A+!! Flas…
FBLA Business Law 2025 update|comprehensive
questions and verified answers (complete
solutions) Exam|GRADE A+!!
Save
Terms in this set (270)
The second party's unqualified willingness to go
acceptance
along with the first party's proposal
A legal way to settle contractual disputes by which
accord and satisfaction one party agrees to accept less than the amount
due as full payment
actual authority The real power a principal gives to an agent
A formal notice given directly to a party, usually
actual notice
using certified mail with a receipt
A take-it-or-leave-it offer made by a party who
adhesion contract
holds most of the power in a bargaining session
administrative law The body of rules created by government agencies
When one spouse has sexual relations with
adultery
someone outside of marriage
affinity Related by marriage
A type of working relationship in which one person
agency represents another person in a business transaction
with a third party
When the principal's actions lead the third party to
agency by estoppel
believe that the agent is working for the principal
The person who has been authorized to do the
agent
work
https://quizlet.com/1009789740/fbla-business-law-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-examgrade-a… 1/19
,2/24/25, 6:26 AM FBLA Business Law 2025 update|comprehensive questions and verified answers (complete solutions) Exam|GRADE A+!! Flas…
An agent who is appointed by another agent
agent's agent
without the principal's authority to do so
An allowance for support paid to one person by the
alimony
former spouse in a divorce
Parties try to resolve disagreements outside of the
alternative dispute
usual court system, by mediation, arbitration,
resolution (ADR)
conciliation, and negotiation
annual percentage rate The true interest rate of a loan
(APR)
A declaration by the court that a marriage was never
annulment
valid
Authority that a third party believes an agent has
apparent authority
while acting on behalf of the principal
The U.S. courts of appeals in the federal system;
appellate court hears appeals and reviews cases from the lower
courts
A formal hearing during which the defendant is read
arraignment the indictment or information and is asked to plead
guilty or not guilty
Occurs when a person is legally deprived of his or
arrest
her freedom
A legal document filed with the state to establish a
articles of incorporation
corporation
assault Attempt to commit a battery
When one corporation agrees to purchase the
asset acquisition assets, such as property, buildings, and equipment,
of a second corporation
assignment The transfer of a right under contract
A defense against negligence that is raised when
assumption of risk the plaintiff knew of the risk and still took the
chance of being injured
https://quizlet.com/1009789740/fbla-business-law-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-examgrade-a… 2/19
, 2/24/25, 6:26 AM FBLA Business Law 2025 update|comprehensive questions and verified answers (complete solutions) Exam|GRADE A+!! Flas…
Money or other property that is left with the court to
bail assure that a person who has been arrested, but
released, will return to trial
The transfer of possession and control of personal
bailment property to another with the intent that the same
property will be returned later
The legal process by which a debtor can make a
bankruptcy fresh start through the sale of assets to pay off
creditors
battery The unlawful touching of another person
The person named in an insurance policy to receive
beneficiary
the proceeds of the policy
The illegal act of having two spouses at the same
bigamy
time
A contract that contains two promises: one party
bilateral contract promises to do something in exchange for the
other's promise to do something else
bill of sale Formal evidence of ownership
When one party to a contract fails to perform the
breach of contract
duties spelled out by the contract
Breaking and entering a house or other structure to
burglary
commit a felony
capacity The legal ability to enter into a contract
carrier A business that transports persons, goods, or both
certificate of A corporation's official authorization to do business
incorporation in a state
A type of bankruptcy that allows businesses to
Chapter 11 bankruptcy reorganize their financial affairs and still remain in
business
A form of bankruptcy that lets family farmers and
Chapter 12 bankruptcy fishing businesses create a plan for debt repayment
that allows them to keep their operations running
https://quizlet.com/1009789740/fbla-business-law-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-examgrade-a… 3/19
FBLA Business Law 2025 update|comprehensive
questions and verified answers (complete
solutions) Exam|GRADE A+!!
Save
Terms in this set (270)
The second party's unqualified willingness to go
acceptance
along with the first party's proposal
A legal way to settle contractual disputes by which
accord and satisfaction one party agrees to accept less than the amount
due as full payment
actual authority The real power a principal gives to an agent
A formal notice given directly to a party, usually
actual notice
using certified mail with a receipt
A take-it-or-leave-it offer made by a party who
adhesion contract
holds most of the power in a bargaining session
administrative law The body of rules created by government agencies
When one spouse has sexual relations with
adultery
someone outside of marriage
affinity Related by marriage
A type of working relationship in which one person
agency represents another person in a business transaction
with a third party
When the principal's actions lead the third party to
agency by estoppel
believe that the agent is working for the principal
The person who has been authorized to do the
agent
work
https://quizlet.com/1009789740/fbla-business-law-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-examgrade-a… 1/19
,2/24/25, 6:26 AM FBLA Business Law 2025 update|comprehensive questions and verified answers (complete solutions) Exam|GRADE A+!! Flas…
An agent who is appointed by another agent
agent's agent
without the principal's authority to do so
An allowance for support paid to one person by the
alimony
former spouse in a divorce
Parties try to resolve disagreements outside of the
alternative dispute
usual court system, by mediation, arbitration,
resolution (ADR)
conciliation, and negotiation
annual percentage rate The true interest rate of a loan
(APR)
A declaration by the court that a marriage was never
annulment
valid
Authority that a third party believes an agent has
apparent authority
while acting on behalf of the principal
The U.S. courts of appeals in the federal system;
appellate court hears appeals and reviews cases from the lower
courts
A formal hearing during which the defendant is read
arraignment the indictment or information and is asked to plead
guilty or not guilty
Occurs when a person is legally deprived of his or
arrest
her freedom
A legal document filed with the state to establish a
articles of incorporation
corporation
assault Attempt to commit a battery
When one corporation agrees to purchase the
asset acquisition assets, such as property, buildings, and equipment,
of a second corporation
assignment The transfer of a right under contract
A defense against negligence that is raised when
assumption of risk the plaintiff knew of the risk and still took the
chance of being injured
https://quizlet.com/1009789740/fbla-business-law-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-examgrade-a… 2/19
, 2/24/25, 6:26 AM FBLA Business Law 2025 update|comprehensive questions and verified answers (complete solutions) Exam|GRADE A+!! Flas…
Money or other property that is left with the court to
bail assure that a person who has been arrested, but
released, will return to trial
The transfer of possession and control of personal
bailment property to another with the intent that the same
property will be returned later
The legal process by which a debtor can make a
bankruptcy fresh start through the sale of assets to pay off
creditors
battery The unlawful touching of another person
The person named in an insurance policy to receive
beneficiary
the proceeds of the policy
The illegal act of having two spouses at the same
bigamy
time
A contract that contains two promises: one party
bilateral contract promises to do something in exchange for the
other's promise to do something else
bill of sale Formal evidence of ownership
When one party to a contract fails to perform the
breach of contract
duties spelled out by the contract
Breaking and entering a house or other structure to
burglary
commit a felony
capacity The legal ability to enter into a contract
carrier A business that transports persons, goods, or both
certificate of A corporation's official authorization to do business
incorporation in a state
A type of bankruptcy that allows businesses to
Chapter 11 bankruptcy reorganize their financial affairs and still remain in
business
A form of bankruptcy that lets family farmers and
Chapter 12 bankruptcy fishing businesses create a plan for debt repayment
that allows them to keep their operations running
https://quizlet.com/1009789740/fbla-business-law-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-examgrade-a… 3/19
