FBLA Business Law Exam (updated 2026)
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UPDATE 2026
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Terms in this set (270)
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
adultery When one spouse has sexual relations with
someone outside of marriage
affinity Related by marriage
, 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
agent The person who has been authorized to do the
work
agent's agent An agent who is appointed by another agent
without the principal's authority to do so
alimony An allowance for support paid to one person by
the former spouse in a divorce
alternative dispute resolution (ADR) 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
annulment A declaration by the court that a marriage was
never valid
apparent authority Authority that a third party believes an agent has
while acting on behalf of the principal
appellate court The U.S. courts of appeals in the federal system;
hears appeals and reviews cases from the lower
courts
Questions & Answers | Latest Already Graded A+
UPDATE 2026
Save
Terms in this set (270)
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
adultery When one spouse has sexual relations with
someone outside of marriage
affinity Related by marriage
, 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
agent The person who has been authorized to do the
work
agent's agent An agent who is appointed by another agent
without the principal's authority to do so
alimony An allowance for support paid to one person by
the former spouse in a divorce
alternative dispute resolution (ADR) 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
annulment A declaration by the court that a marriage was
never valid
apparent authority Authority that a third party believes an agent has
while acting on behalf of the principal
appellate court The U.S. courts of appeals in the federal system;
hears appeals and reviews cases from the lower
courts
