BUSINESS LAW FBLA UPDATED EXAM SCRIPT
2026 FULL QUESTIONS AND CORRECT
ANSWERS ALREADY PASSED
◉ Accord and Satisfaction. 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. Answer: The real power a principal gives to an
agent
◉ Actual Notice. Answer: A formal notice given directly to a party,
usually using certified mail with a receipt
◉ Adhesion contract. Answer: A take-it-or-leave-it offer made by a party
who holds most of the power in a bargaining session
◉ Administrative Law. Answer: The body of rules created by
government agencies
◉ Agency. Answer: A type of working relationship in which one person
represents another person in a business transaction with a third party
,◉ Agency by Estoppel. 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. Answer: The person who has been authorized to do the work
◉ Alternative Dispute Resolution. Answer: Parties try to resolve
disagreements outside of the usual court system, by mediation,
arbitration, conciliation, and negotiation
◉ Annual Percentage Rate (APR). Answer: The true interest rate of a
loan
◉ Apparent Authority. Answer: Authority that a 3rd party believes an
agent has while acting on behalf of the principal
◉ Appellate Court. Answer: The U.S. courts of appeals in federal
system; hears appeals and reviews cases from the lower courts
◉ Arraignment. Answer: 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. Answer: A legal document filed with the
state to establish a corporation
, ◉ Arrest. Answer: Occurs when a person is legally deprived of his or her
freedom
◉ Assault. Answer: Attempt to commit a battery
◉ Asset Acquisition. Answer: When one corporation agrees to purchase
the assests, such as property, building, and equipment, of a second
corporation
◉ Assignment. Answer: The transfer of a right under contract
◉ Assumption of Risk. Answer: A defense against negligence that is
raised when the plaintiff knew of the risk and still took the chance of
being injured
◉ Bail. Answer: Money or other property that is left with the court to
assure that a person who has been arrested, but released, will return to
jail
◉ Bailment. Answer: The transfer of possession and control of personal
property to another with the intent that the same property will be
returned later
2026 FULL QUESTIONS AND CORRECT
ANSWERS ALREADY PASSED
◉ Accord and Satisfaction. 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. Answer: The real power a principal gives to an
agent
◉ Actual Notice. Answer: A formal notice given directly to a party,
usually using certified mail with a receipt
◉ Adhesion contract. Answer: A take-it-or-leave-it offer made by a party
who holds most of the power in a bargaining session
◉ Administrative Law. Answer: The body of rules created by
government agencies
◉ Agency. Answer: A type of working relationship in which one person
represents another person in a business transaction with a third party
,◉ Agency by Estoppel. 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. Answer: The person who has been authorized to do the work
◉ Alternative Dispute Resolution. Answer: Parties try to resolve
disagreements outside of the usual court system, by mediation,
arbitration, conciliation, and negotiation
◉ Annual Percentage Rate (APR). Answer: The true interest rate of a
loan
◉ Apparent Authority. Answer: Authority that a 3rd party believes an
agent has while acting on behalf of the principal
◉ Appellate Court. Answer: The U.S. courts of appeals in federal
system; hears appeals and reviews cases from the lower courts
◉ Arraignment. Answer: 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. Answer: A legal document filed with the
state to establish a corporation
, ◉ Arrest. Answer: Occurs when a person is legally deprived of his or her
freedom
◉ Assault. Answer: Attempt to commit a battery
◉ Asset Acquisition. Answer: When one corporation agrees to purchase
the assests, such as property, building, and equipment, of a second
corporation
◉ Assignment. Answer: The transfer of a right under contract
◉ Assumption of Risk. Answer: A defense against negligence that is
raised when the plaintiff knew of the risk and still took the chance of
being injured
◉ Bail. Answer: Money or other property that is left with the court to
assure that a person who has been arrested, but released, will return to
jail
◉ Bailment. Answer: The transfer of possession and control of personal
property to another with the intent that the same property will be
returned later
