Business Law FBLA Questions with 100% Verified Correct Answers

Business Law FBLA Questions with 100% Verified Correct Answers Acceptance - Correct Answer The second party's unqualified willingness to go along with the first party's proposal Accord and Satisfaction - Correct 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 - Correct Answer The real power a principal gives to an agent Actual Notice - Correct Answer A formal notice given directly to a party, usually using certified mail with a receipt Adhesion contract - Correct Answer A take-it-or-leave-it offer made by a party who holds most of the power in a bargaining session Administrative Law - Correct Answer The body of rules created by government agencies Agency - Correct Answer A type of working relationship in which one person represents another person in a business transaction with a third party Agency by Estoppel - Correct 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 - Correct Answer The person who has been authorized to do the work Alternative Dispute Resolution - Correct Answer Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration, conciliation, and negotiation Annual Percentage Rate (APR) - Correct Answer The true interest rate of a loan Apparent Authority - Correc