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Business Law FBLA Exam|129 Questions and answers|100% Correct
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Business Law FBLA Exam|129 Questionsand answers|100% Correct
Acceptance - -The second party's unqualified willingness to go along with
the first party's proposal
- Accord and Satisfaction - -A legal way to settle contractual disputes by
which one party agrees to accept less than the amount due as full payment
- Actual Authority - -The real power a principal gives to an agent
- Actual Notice - -A formal notice given directly to a party, usually using
certified mail with a receipt
- Adhesion contract - -A take-it-or-leave-it offer made by a party who holds
most of the power in a bargaining session
- Administrative Law - -The body of rules created by government agencies
- Agency - -A type of working relationship in which one person represents
another person in a business transaction with a third party
- Agency by Estoppel - -When the principal's actions lead the third party to
believe that the agent is working for the principal (appointed but not
officially)
- Agent - -The person who has been authorized to do the work
- Alternative Dispute Resolution - -Parties try to resolve disagreements
outside of the usual court system, by mediation, arbitration, conciliation, and
negotiation
- Annual Percentage Rate (APR) - -The true interest rate of a loan
- Apparent Authority - -Authority that a 3rd party believes an agent has
while acting on behalf of the principal
- Appellate Court - -The U.S. courts of appeals in federal system; hears
appeals and reviews cases from the lower courts
- Arraignment - -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 - -A legal document filed with the state to
establish a corporation
- Arrest - -Occurs when a person is legally deprived of his or her freedom
- Assault - -Attempt to commit a battery
- Asset Acquisition - -When one corporation agrees to purchase the assests,
such as property, building, and equipment, of a second corporation
- Assignment - -The transfer of a right under contract
- Assumption of Risk - -A defense against negligence that is raised when the
plaintiff knew of the risk and still took the chance of being injured
- Bail - -Money or other property that is left with the court to assure that a
person who has been arrested, but released, will return to jail
- Bailment - -The transfer of possession and control of personal property to
another with the intent that the same property will be returned later
- Bankruptcy - -The legal process by which a debtor can make a fresh start
through the sale of assets to pay off creditors
- Battery - -The unlawful touching of another person
- Bigamy - -The illegal act of having two spouses at the same time
- Bilateral Contract - -A contract that contains two promises: one party
promises to do something in exchange for other's promise to do something
else
- Bill of Sale - -Formal evidence of ownership
- Breach of Contract - -When one party to a contract fails to perform the
duties spelled out by the contract
- Burglary - -Breaking and entering a house or other structure to commit a
felony
- Capacity - -The legal ability to enter into a contract
- Carrier - -A business that transports persons, goods, or both
- Certificate of Incorporation - -A corporation's official authorization to do
business in a state
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