Business Law FBLA Updated Actual Exam Questions and Verified Answers

Business Law FBLA Updated Actual Exam Questions and Verified Answers Acceptance - Correct Answer The second party's unqualified willingness to go along with the first party's proposal Accord and Satisfaction - Correct Answer A legal way to settle contractual disputes by which one party agrees to accept less than the amount due as full payment Actual Authority - Correct Answer The real power a principal gives to an agent Actual Notice - Correct Answer A formal notice given directly to a party, usually using certified mail with a receipt Adhesion contract - Correct Answer A take-it-or-leave-it offer made by a party who holds most of the power in a bargaining session Administrative Law - Correct Answer The body of rules created by government agencies Agency - Correct Answer A type of working relationship in which one person represents another person in a business transaction with a third party