BUSINESS LAW FBLA UPDATED
COMPREHENSIVE EXAM 2026 QUESTIONS
AND ANSWERS 100% CORRECT
◉ E-contract. Answer: Any contract formed electronically such as over
the internet
◉ Buyers select and agree to buy the goods @ sellers store. Answer:
When payment for goods take place at a later date, the transfer of title
takes place when
◉ The principal & 3rd party. Answer: Any agreement reached by the
representative in an agency relationship binds
◉ Bona-fide competition. Answer: A legitimate defense to wrongful
interference
◉ Agent. Answer: required to negotiate on behalf of the principal or
bring him or her and third parties into contractual relationship.
◉ Independent contractor. Answer: is a natural person, business, or
corporation that provides goods or services to another entity under terms
specified in a contract or within a verbal agreement. Independent
contractors are usually paid on a freelance basis. Contractors often work
, through a limited company or franchise, which they themselves own, or
may work through an umbrella company.
◉ Real estate broker/agent. Answer: a person who acts as an
intermediary between sellers and buyers of real estate/real property and
attempts to find sellers who wish to sell and buyers who wish to buy.
◉ Bailment. Answer: describes a legal relationship in common law
where physical possession of personal property, or a chattel, is
transferred from one person (the 'bailor') to another person (the 'bailee')
who subsequently has possession of the property. It arises when a person
gives property to someone else for safekeeping, and is a cause of action
independent of contract or tort.
◉ Trustee. Answer: is a legal term which, in its broadest sense, can refer
to any person who holds property, authority, or a position of trust or
responsibility for the benefit of another, also can be a person who is
allowed to do certain tasks but not able to gain income.
◉ Sole proprietorships. Answer: The vast majority of small businesses
start out like this. These firms are owned by one person, usually the
individual who has day-to-day responsibility for running the business.
They own all the assets of the business and the profits generated by it.
They also assume complete responsibility for any of its liabilities or
debts.
COMPREHENSIVE EXAM 2026 QUESTIONS
AND ANSWERS 100% CORRECT
◉ E-contract. Answer: Any contract formed electronically such as over
the internet
◉ Buyers select and agree to buy the goods @ sellers store. Answer:
When payment for goods take place at a later date, the transfer of title
takes place when
◉ The principal & 3rd party. Answer: Any agreement reached by the
representative in an agency relationship binds
◉ Bona-fide competition. Answer: A legitimate defense to wrongful
interference
◉ Agent. Answer: required to negotiate on behalf of the principal or
bring him or her and third parties into contractual relationship.
◉ Independent contractor. Answer: is a natural person, business, or
corporation that provides goods or services to another entity under terms
specified in a contract or within a verbal agreement. Independent
contractors are usually paid on a freelance basis. Contractors often work
, through a limited company or franchise, which they themselves own, or
may work through an umbrella company.
◉ Real estate broker/agent. Answer: a person who acts as an
intermediary between sellers and buyers of real estate/real property and
attempts to find sellers who wish to sell and buyers who wish to buy.
◉ Bailment. Answer: describes a legal relationship in common law
where physical possession of personal property, or a chattel, is
transferred from one person (the 'bailor') to another person (the 'bailee')
who subsequently has possession of the property. It arises when a person
gives property to someone else for safekeeping, and is a cause of action
independent of contract or tort.
◉ Trustee. Answer: is a legal term which, in its broadest sense, can refer
to any person who holds property, authority, or a position of trust or
responsibility for the benefit of another, also can be a person who is
allowed to do certain tasks but not able to gain income.
◉ Sole proprietorships. Answer: The vast majority of small businesses
start out like this. These firms are owned by one person, usually the
individual who has day-to-day responsibility for running the business.
They own all the assets of the business and the profits generated by it.
They also assume complete responsibility for any of its liabilities or
debts.
