Business Law FBLA questions with correct answers

Acceptance - Answer The second party's unqualified willingness to go along with the first party's proposal 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