FBLA Business Law EXAM QUESTIONS 270 TERMS WITH VERIFIED DEFINITIONS UPDATED 2024
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Course
NU1426
Institution
NU1426
FBLA Business Law EXAM QUESTIONS (270 TERMS) WITH VERIFIED DEFINITIONS UPDATED 2024
acceptance
accord and satisfaction
actual authority
actual notice
adhesion contract
administrative law
adultery
affinity
agency
agency by estoppel
agent
agent's agent
alimony
alternative dispute resolu...
FBLA Business Law EXAM QUESTIONS (270
TERMS) WITH VERIFIED DEFINITIONS UPDATED
2024
1). Acceptance
Ans: The second party's unqualified willingness to go along with the first party's
proposal
2). Accord and satisfaction
Ans: A legal way to settle contractual disputes by which one party agrees to accept
less than the amount due as full payment
3). Actual authority
Ans: The real power a principal gives to an agent
4). Actual notice
Ans: A formal notice given directly to a party, usually using certified mail with a receipt
5). Adhesion contract
Ans: A take-it-or-leave-it offer made by a party who holds most of the power in a
bargaining session
6). Administrative law
Ans: The body of rules created by government agencies
7). Adultery
Ans: When one spouse has sexual relations with someone outside of marriage
8). Affinity
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, Ans: Related by marriage
9). Agency
Ans: A type of working relationship in which one person represents another person in
a business transaction with a third party
10). Agency by estoppel
Ans: When the principal's actions lead the third party to believe that the agent is
working for the principal
11). Agent
Ans: The person who has been authorized to do the work
12). Agent's agent
Ans: An agent who is appointed by another agent without the principal's authority to
do so
13). Alimony
Ans: An allowance for support paid to one person by the former spouse in a divorce
14). Alternative dispute resolution (adr)
Ans: Parties try to resolve disagreements outside of the usual court system, by
mediation, arbitration, conciliation, and negotiation
15). Annual percentage rate (apr)
Ans: The true interest rate of a loan
16). Annulment
Ans: A declaration by the court that a marriage was never valid
17). Apparent authority
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, Ans: Authority that a third party believes an agent has while acting on behalf of the
principal
18). Appellate court
Ans: The U.S. courts of appeals in the federal system; hears appeals and reviews
cases from the lower courts
19). Arraignment
Ans: A formal hearing during which the defendant is read the indictment or
information and is asked to plead guilty or not guilty
20). Arrest
Ans: Occurs when a person is legally deprived of his or her freedom
21). Articles of incorporation
Ans: A legal document filed with the state to establish a corporation
22). Assault
Ans: Attempt to commit a battery
23). Asset acquisition
Ans: When one corporation agrees to purchase the assets, such as property,
buildings, and equipment, of a second corporation
24). Assignment
Ans: The transfer of a right under contract
25). Assumption of risk
Ans: A defense against negligence that is raised when the plaintiff knew of the risk
and still took the chance of being injured
Bail
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, 26).
Ans: Money or other property that is left with the court to assure that a person who
has been arrested, but released, will return to trial
27). Bailment
Ans: The transfer of possession and control of personal property to another with the
intent that the same property will be returned later
28). Bankruptcy
Ans: The legal process by which a debtor can make a fresh start through the sale of
assets to pay off creditors
29). Battery
Ans: The unlawful touching of another person
30). Beneficiary
Ans: The person named in an insurance policy to receive the proceeds of the policy
31). Bigamy
Ans: The illegal act of having two spouses at the same time
32). Bilateral contract
Ans: A contract that contains two promises: one party promises to do something in
exchange for the other's promise to do something else
33). Bill of sale
Ans: Formal evidence of ownership
34). Breach of contract
Ans: When one party to a contract fails to perform the duties spelled out by the
contract
Burglary
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