FBLA Business Law practice Exam
2025/2026 | Complete Question and
Answer Study Guide | Legal Terms
and Concepts | Future Business
Leaders of America
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
, FBLA Business Law practice Exam
2025/2026 | Complete Question and
Answer Study Guide | Legal Terms
and Concepts | Future Business
Leaders of America
Administrative Law
The body of rules created by government agencies
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 (appointed but not officially)
Agent
The person who has been authorized to do the work
Alternative Dispute Resolution
Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration,
conciliation, and negotiation
, FBLA Business Law practice Exam
2025/2026 | Complete Question and
Answer Study Guide | Legal Terms
and Concepts | Future Business
Leaders of America
Annual Percentage Rate (APR)
The true interest rate of a loan
Apparent Authority
Authority that a 3rd party believes an agent has while acting on behalf of the principal
Appellate Court
The U.S. courts of appeals in federal system; hears appeals and reviews cases from the lower
courts
Arraignment
A formal hearing during which the defendant is read the indictment or info and is asked to plead
guilty or not guilty
Articles of Incorporation
2025/2026 | Complete Question and
Answer Study Guide | Legal Terms
and Concepts | Future Business
Leaders of America
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
, FBLA Business Law practice Exam
2025/2026 | Complete Question and
Answer Study Guide | Legal Terms
and Concepts | Future Business
Leaders of America
Administrative Law
The body of rules created by government agencies
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 (appointed but not officially)
Agent
The person who has been authorized to do the work
Alternative Dispute Resolution
Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration,
conciliation, and negotiation
, FBLA Business Law practice Exam
2025/2026 | Complete Question and
Answer Study Guide | Legal Terms
and Concepts | Future Business
Leaders of America
Annual Percentage Rate (APR)
The true interest rate of a loan
Apparent Authority
Authority that a 3rd party believes an agent has while acting on behalf of the principal
Appellate Court
The U.S. courts of appeals in federal system; hears appeals and reviews cases from the lower
courts
Arraignment
A formal hearing during which the defendant is read the indictment or info and is asked to plead
guilty or not guilty
Articles of Incorporation
