Future Business Leaders of America (FBLA) Business Law Practice Exam

Which of these terms relates specifically to legal actions and deadlines?

1. Statute

2. Bailment

3. Acquisition

4. Liability

The correct answer is: Statute

The term that specifically relates to legal actions and deadlines is "statute." A statute is a written law passed by a legislative body at the federal or state level. Statutes often set out legal frameworks, including timelines for how long individuals have to take legal action, such as filing lawsuits or responses. This aspect of statutes directly ties them to legal actions, as they define not only the laws applicable to a situation but also the time limits for enforcing those laws. In contrast, bailment refers to the temporary transfer of personal property from one party to another, focusing more on property law rather than legal deadlines. Acquisition deals with securing or obtaining assets or companies, which relates more to business transactions than legal processes and timing. Liability involves the legal responsibility for one's actions or omissions, but it does not inherently encompass the deadlines or procedural timelines associated with legal actions. Hence, the connection of the term "statute" to legal actions and the specific deadlines for those actions makes it the correct choice.