BUSINESS LAW FBLA EXAM WITH
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+ 2026
marriage - ANSWERS-Defined by most states and the federal
government as the legal union of one man and one woman
as husband and wife
merger - ANSWERS-When two companies join together,
with one company keeping its corporate identity and the
other company losing its corporate identity
minor - ANSWERS-A person who has not yet reached the
age of adulthood
mirror image rule - ANSWERS-The terms stated in the
acceptance must exactly mirror or match the terms of the
offer
misdemeanor - ANSWERS-A less-serious crime
,monopoly - ANSWERS-A business situation in which one
person, company, or group of companies controls the
market for a product or service
morality - ANSWERS-The values that govern a group's ideas
about right and wrong
murder - ANSWERS-The intentional killing of another person
mutual benefit bailment - ANSWERS-A bailment in which
both the bailor and bailee receive benefits
negligence - ANSWERS-A tort that results when one person
carelessly injures another
negotiable instrument - ANSWERS-A written document
giving legal rights that may be passed to others by
endorsement or delivery; commercial paper
negotiation - ANSWERS-The transfer of an agreement in
such a way that the transferee becomes a holder
,no-fault divorce - ANSWERS-A divorce granted without
either party having to prove the other party guilty of
misconduct
beneficiary - ANSWERS-The person named in an insurance
policy to receive the proceeds of the policy
bigamy - ANSWERS-The illegal act of having two spouses at
the same time
bilateral contract - ANSWERS-A contract that contains two
promises: one party promises to do something in exchange
for the other's promise to do something else
bill of sale - ANSWERS-Formal evidence of ownership
breach of contract - ANSWERS-When one party to a contract
fails to perform the duties spelled out by the contract
burglary - ANSWERS-Breaking and entering a house or other
structure to commit a felony
capacity - ANSWERS-The legal ability to enter into a contract
, acceptance - ANSWERS-The second party's unqualified
willingness to go along with the first party's proposal
accord and satisfaction - ANSWERS-A legal way to settle
contractual disputes by which one party agrees to accept
less than the amount due as full payment
actual authority - ANSWERS-The real power a principal gives
to an agent
actual notice - ANSWERS-A formal notice given directly to a
party, usually using certified mail with a receipt
adhesion contract - ANSWERS-A take-it-or-leave-it offer
made by a party who holds most of the power in a
bargaining session
administrative law - ANSWERS-The body of rules created by
government agencies
adultery - ANSWERS-When one spouse has sexual relations
with someone outside of marriage
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+ 2026
marriage - ANSWERS-Defined by most states and the federal
government as the legal union of one man and one woman
as husband and wife
merger - ANSWERS-When two companies join together,
with one company keeping its corporate identity and the
other company losing its corporate identity
minor - ANSWERS-A person who has not yet reached the
age of adulthood
mirror image rule - ANSWERS-The terms stated in the
acceptance must exactly mirror or match the terms of the
offer
misdemeanor - ANSWERS-A less-serious crime
,monopoly - ANSWERS-A business situation in which one
person, company, or group of companies controls the
market for a product or service
morality - ANSWERS-The values that govern a group's ideas
about right and wrong
murder - ANSWERS-The intentional killing of another person
mutual benefit bailment - ANSWERS-A bailment in which
both the bailor and bailee receive benefits
negligence - ANSWERS-A tort that results when one person
carelessly injures another
negotiable instrument - ANSWERS-A written document
giving legal rights that may be passed to others by
endorsement or delivery; commercial paper
negotiation - ANSWERS-The transfer of an agreement in
such a way that the transferee becomes a holder
,no-fault divorce - ANSWERS-A divorce granted without
either party having to prove the other party guilty of
misconduct
beneficiary - ANSWERS-The person named in an insurance
policy to receive the proceeds of the policy
bigamy - ANSWERS-The illegal act of having two spouses at
the same time
bilateral contract - ANSWERS-A contract that contains two
promises: one party promises to do something in exchange
for the other's promise to do something else
bill of sale - ANSWERS-Formal evidence of ownership
breach of contract - ANSWERS-When one party to a contract
fails to perform the duties spelled out by the contract
burglary - ANSWERS-Breaking and entering a house or other
structure to commit a felony
capacity - ANSWERS-The legal ability to enter into a contract
, acceptance - ANSWERS-The second party's unqualified
willingness to go along with the first party's proposal
accord and satisfaction - ANSWERS-A legal way to settle
contractual disputes by which one party agrees to accept
less than the amount due as full payment
actual authority - ANSWERS-The real power a principal gives
to an agent
actual notice - ANSWERS-A formal notice given directly to a
party, usually using certified mail with a receipt
adhesion contract - ANSWERS-A take-it-or-leave-it offer
made by a party who holds most of the power in a
bargaining session
administrative law - ANSWERS-The body of rules created by
government agencies
adultery - ANSWERS-When one spouse has sexual relations
with someone outside of marriage
