FBLA Business Law Questions and Answers
1. Acceptance The second party's unqualified willingness to go along with the first
party's proposal
2. Accord and A legal way to settle contractual disputes by which one party agrees to
Satis- faction accept less than the amount due as full payment
3. Actual The real power a principal gives to an agent
Authority
4. Actual Notice A formal notice given directly to a party, usually using certified mail with
a receipt
5. Adhesion con- A take-it-or-leave-it otter made by a party who holds most of the power in a
tract bargaining session
6. Administrative The body of rules created by government agencies
Law
7. Agency A type of working relationship in which one person represents another
person in a business transaction with a third party
8. Agency by When the principal's actions lead the third party to believe that the agent
Estop- pel is working for the principal (appointed but not oflcially)
9. Agent The person who has been authorized to do the work
10. Alternative Dis- Parties try to resolve disagreements outside of the usual court system, by
pute Resolution media- tion, arbitration, conciliation, and negotiation
11. Annual The true interest rate of a loan
Percent- age
Rate (APR)
12. Apparent Au- Authority that a 3rd party believes an agent has while acting on behalf of the
thority principal
13. Appellate The U.S. courts of appeals in federal system; hears appeals and reviews
Court cases from the lower courts
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, FBLA Business Law Questions and Answers
14. Arraignment A formal hearing during which the defendant is read the indictment or
info and is asked to plead guilty or not guilty
15. Articles of A legal document filed with the state to establish a corporation
Incor-
poration
16. Arrest Occurs when a person is legally deprived of his or her freedom
17. Assault Attempt to commit a battery
18. Asset Acquisition When one corporation agrees to purchase the assests, such as
property, building, and equipment, of a second corporation
19. Assignment The transfer of a right under contract
20. Assumption A defense against negligence that is raised when the plaintitt knew of the
of Risk risk and still took the chance of being injured
21. 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
22. Bailment The transfer of possession and control of personal property to another with
the
intent that the same property will be returned later
23. Bankruptcy The legal process by which a debtor can make a fresh start through the
sale of
assets to pay ott creditors
24. Battery The unlawful touching of another person
25. Bigamy The illegal act of having two spouses at the same time
26. Bilateral Contract A contract that contains two promises: one party promises to do
something in
2/
18
, FBLA Business Law Questions and Answers
exchange for other's promise to do something else
3/
18
1. Acceptance The second party's unqualified willingness to go along with the first
party's proposal
2. Accord and A legal way to settle contractual disputes by which one party agrees to
Satis- faction accept less than the amount due as full payment
3. Actual The real power a principal gives to an agent
Authority
4. Actual Notice A formal notice given directly to a party, usually using certified mail with
a receipt
5. Adhesion con- A take-it-or-leave-it otter made by a party who holds most of the power in a
tract bargaining session
6. Administrative The body of rules created by government agencies
Law
7. Agency A type of working relationship in which one person represents another
person in a business transaction with a third party
8. Agency by When the principal's actions lead the third party to believe that the agent
Estop- pel is working for the principal (appointed but not oflcially)
9. Agent The person who has been authorized to do the work
10. Alternative Dis- Parties try to resolve disagreements outside of the usual court system, by
pute Resolution media- tion, arbitration, conciliation, and negotiation
11. Annual The true interest rate of a loan
Percent- age
Rate (APR)
12. Apparent Au- Authority that a 3rd party believes an agent has while acting on behalf of the
thority principal
13. Appellate The U.S. courts of appeals in federal system; hears appeals and reviews
Court cases from the lower courts
1/
18
, FBLA Business Law Questions and Answers
14. Arraignment A formal hearing during which the defendant is read the indictment or
info and is asked to plead guilty or not guilty
15. Articles of A legal document filed with the state to establish a corporation
Incor-
poration
16. Arrest Occurs when a person is legally deprived of his or her freedom
17. Assault Attempt to commit a battery
18. Asset Acquisition When one corporation agrees to purchase the assests, such as
property, building, and equipment, of a second corporation
19. Assignment The transfer of a right under contract
20. Assumption A defense against negligence that is raised when the plaintitt knew of the
of Risk risk and still took the chance of being injured
21. 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
22. Bailment The transfer of possession and control of personal property to another with
the
intent that the same property will be returned later
23. Bankruptcy The legal process by which a debtor can make a fresh start through the
sale of
assets to pay ott creditors
24. Battery The unlawful touching of another person
25. Bigamy The illegal act of having two spouses at the same time
26. Bilateral Contract A contract that contains two promises: one party promises to do
something in
2/
18
, FBLA Business Law Questions and Answers
exchange for other's promise to do something else
3/
18
