FBLA Business Law Exam 2025/2026
| Complete Question and Answer
Study Guide | Legal Terms and
Concepts | Future Business Leaders
of America
The contracting party who makes a promise is called the:
promisor
Laura is at an auction. People who attend an auction are:
the offer ors
A corporation that has been properly and legally organized is referred to as:
a de jure corporation
The U.S. Post Office delivered a household appliance to you. The package was addressed to you.
However, you never ordered it! Legally, what do you do?
You may keep the item and treat it as a gift.
What legal document sets forth the rules that govern the corporation's daily internal actuates
Bylaws
, FBLA Business Law Exam 2025/2026
| Complete Question and Answer
Study Guide | Legal Terms and
Concepts | Future Business Leaders
of America
From a legal standpoint, what is the biggest advantage to the corporate form of ownership for a
shareholder?
Shareholders have limited liability for the company's debts.
What are the two basic types of commercial paper or negotiable instruments?
notes and drafts
Which is NOT a requirement of a negotiable instrument?
that the instrument be payable at a definite time
Janice is driving her father's care. The brakes to the car fail and she is involved in a serious
accident. A product liability lawsuit is filed against the manufacturer. What is true?
she has the legal right to sue the company even though she was not in privity of contract with the
seller or the manufacturer.
| Complete Question and Answer
Study Guide | Legal Terms and
Concepts | Future Business Leaders
of America
The contracting party who makes a promise is called the:
promisor
Laura is at an auction. People who attend an auction are:
the offer ors
A corporation that has been properly and legally organized is referred to as:
a de jure corporation
The U.S. Post Office delivered a household appliance to you. The package was addressed to you.
However, you never ordered it! Legally, what do you do?
You may keep the item and treat it as a gift.
What legal document sets forth the rules that govern the corporation's daily internal actuates
Bylaws
, FBLA Business Law Exam 2025/2026
| Complete Question and Answer
Study Guide | Legal Terms and
Concepts | Future Business Leaders
of America
From a legal standpoint, what is the biggest advantage to the corporate form of ownership for a
shareholder?
Shareholders have limited liability for the company's debts.
What are the two basic types of commercial paper or negotiable instruments?
notes and drafts
Which is NOT a requirement of a negotiable instrument?
that the instrument be payable at a definite time
Janice is driving her father's care. The brakes to the car fail and she is involved in a serious
accident. A product liability lawsuit is filed against the manufacturer. What is true?
she has the legal right to sue the company even though she was not in privity of contract with the
seller or the manufacturer.
