BUSINESS LAW FBLA ACTUAL EXAM
SOLVED QUESTIONS COMPLETE
PREPARATION RESOURCE
●● 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
SOLVED QUESTIONS COMPLETE
PREPARATION RESOURCE
●● 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
