9/28/25, 7:52 AM FBLA Business Law Exam (updated 2025) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flashcards | Quizlet
FBLA Business Law Exam (updated 2025)
Questions & Answers | Latest Already Graded A+
UPDATE 2025|2026
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 using
actual notice
certified mail with a receipt
A take-it-or-leave-it offer made by a party who holds
adhesion contract
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 someone
adultery
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
https://quizlet.com/1083638325/fbla-business-law-exam-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flash-cards/?new 1/20
,9/28/25, 7:52 AM FBLA Business Law Exam (updated 2025) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flashcards | Quizlet
agent The person who has been authorized to do the work
An agent who is appointed by another agent without
agent's agent
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 while
apparent authority
acting on behalf of the principal
The U.S. courts of appeals in the federal system; hears
appellate court
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 her
arrest
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 assets,
asset acquisition such as property, buildings, and equipment, of a
second corporation
assignment The transfer of a right under contract
https://quizlet.com/1083638325/fbla-business-law-exam-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flash-cards/?new 2/20
, 9/28/25, 7:52 AM FBLA Business Law Exam (updated 2025) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flashcards | Quizlet
A defense against negligence that is raised when the
assumption of risk plaintiff knew of the risk and still took the chance of
being injured
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 fresh
bankruptcy
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
bigamy The illegal act of having two spouses at the same 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 in
incorporation a state
A type of bankruptcy that allows businesses to
Chapter 11 bankruptcy reorganize their financial affairs and still remain in
business
https://quizlet.com/1083638325/fbla-business-law-exam-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flash-cards/?new 3/20
FBLA Business Law Exam (updated 2025)
Questions & Answers | Latest Already Graded A+
UPDATE 2025|2026
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 using
actual notice
certified mail with a receipt
A take-it-or-leave-it offer made by a party who holds
adhesion contract
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 someone
adultery
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
https://quizlet.com/1083638325/fbla-business-law-exam-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flash-cards/?new 1/20
,9/28/25, 7:52 AM FBLA Business Law Exam (updated 2025) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flashcards | Quizlet
agent The person who has been authorized to do the work
An agent who is appointed by another agent without
agent's agent
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 while
apparent authority
acting on behalf of the principal
The U.S. courts of appeals in the federal system; hears
appellate court
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 her
arrest
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 assets,
asset acquisition such as property, buildings, and equipment, of a
second corporation
assignment The transfer of a right under contract
https://quizlet.com/1083638325/fbla-business-law-exam-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flash-cards/?new 2/20
, 9/28/25, 7:52 AM FBLA Business Law Exam (updated 2025) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flashcards | Quizlet
A defense against negligence that is raised when the
assumption of risk plaintiff knew of the risk and still took the chance of
being injured
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 fresh
bankruptcy
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
bigamy The illegal act of having two spouses at the same 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 in
incorporation a state
A type of bankruptcy that allows businesses to
Chapter 11 bankruptcy reorganize their financial affairs and still remain in
business
https://quizlet.com/1083638325/fbla-business-law-exam-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flash-cards/?new 3/20
