Fbla Business Law Exam Questions (270 Terms) With Verified Definitions Updated 2024

power of attorney {Ans: Any writing granting someone authority to act as an agent}firm offer {Ans: A merchant's written promise to hold an offer open for the sale or lease of goods}carrier {Ans: A business that transports persons, goods, or both}shareholder {Ans: An individual who owns shares of a corporation}license {Ans: A temporary, revocable right to the limited use of another's land}assumption of risk {Ans: A defense against negligence that is raised when the plaintiff knew of the risk and still took the chance of being injured}fixtures {Ans: Items of personal property attached in such a way that they become real property}minor {Ans: A person who has not yet reached the age of adulthood}emancipation {Ans: Freeing someone from the control of another; especially a parent's relinquishing authority and control over a minor child}risk of loss {Ans: The responsibility for loss or damage to goods}ratification {Ans: The act of agreeing to go along with a contract that could have been avoided}battery {Ans: The unlawful touching of another person}forbearance {Ans: The act of not doing what you have the right to do}fiduciary relationship {Ans: A relationship based on