Business Law FBLA
with correct answers
2025/2026
Acceptance - correct answersThe second party's unqualified willingness to go along with the
first party's proposal
Accord and Satisfaction - correct answersA legal way to settle contractual disputes by which one
party agrees to accept less than the amount due as full payment
Actual Authority - correct answersThe real power a principal gives to an agent
Actual Notice - correct answersA formal notice given directly to a party, usually using certified
mail with a receipt
Adhesion contract - correct answersA take-it-or-leave-it offer made by a party who holds most
of the power in a bargaining session
Administrative Law - correct answersThe body of rules created by government agencies
Agency - correct answersA type of working relationship in which one person represents another
person in a business transaction with a third party
, Agency by Estoppel - correct answersWhen the principal's actions lead the third party to believe
that the agent is working for the principal (appointed but not officially)
Agent - correct answersThe person who has been authorized to do the work
Alternative Dispute Resolution - correct answersParties try to resolve disagreements outside of
the usual court system, by mediation, arbitration, conciliation, and negotiation
Annual Percentage Rate (APR) - correct answersThe true interest rate of a loan
Apparent Authority - correct answersAuthority that a 3rd party believes an agent has while
acting on behalf of the principal
Appellate Court - correct answersThe U.S. courts of appeals in federal system; hears appeals and
reviews cases from the lower courts
Arraignment - correct answersA formal hearing during which the defendant is read the
indictment or info and is asked to plead guilty or not guilty
Arrest - correct answersOccurs when a person is legally deprived of his or her freedom
Articles of Incorporation - correct answersA legal document filed with the state to establish a
corporation
Assault - correct answersAttempt to commit a battery
Asset Acquisition - correct answersWhen one corporation agrees to purchase the assests, such
as property, building, and equipment, of a second corporation
with correct answers
2025/2026
Acceptance - correct answersThe second party's unqualified willingness to go along with the
first party's proposal
Accord and Satisfaction - correct answersA legal way to settle contractual disputes by which one
party agrees to accept less than the amount due as full payment
Actual Authority - correct answersThe real power a principal gives to an agent
Actual Notice - correct answersA formal notice given directly to a party, usually using certified
mail with a receipt
Adhesion contract - correct answersA take-it-or-leave-it offer made by a party who holds most
of the power in a bargaining session
Administrative Law - correct answersThe body of rules created by government agencies
Agency - correct answersA type of working relationship in which one person represents another
person in a business transaction with a third party
, Agency by Estoppel - correct answersWhen the principal's actions lead the third party to believe
that the agent is working for the principal (appointed but not officially)
Agent - correct answersThe person who has been authorized to do the work
Alternative Dispute Resolution - correct answersParties try to resolve disagreements outside of
the usual court system, by mediation, arbitration, conciliation, and negotiation
Annual Percentage Rate (APR) - correct answersThe true interest rate of a loan
Apparent Authority - correct answersAuthority that a 3rd party believes an agent has while
acting on behalf of the principal
Appellate Court - correct answersThe U.S. courts of appeals in federal system; hears appeals and
reviews cases from the lower courts
Arraignment - correct answersA formal hearing during which the defendant is read the
indictment or info and is asked to plead guilty or not guilty
Arrest - correct answersOccurs when a person is legally deprived of his or her freedom
Articles of Incorporation - correct answersA legal document filed with the state to establish a
corporation
Assault - correct answersAttempt to commit a battery
Asset Acquisition - correct answersWhen one corporation agrees to purchase the assests, such
as property, building, and equipment, of a second corporation
