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business
business law legal environment

Questions and Answers of Business Law Legal Environment

Explain what is meant by an insurable interest.
In which one of the following would Joe be able to collect the entire amount of insurance claimed?a. Where Joe insures his law partner's life for $500,000 and the amount he actually lost when the
Susan Lawrence owned a home in Toronto. A person, posing as Ms. Lawrence, went to a lawyer with a forged agreement to purchase and had the property transferred to another person who called himself
Bailment involves one person putting his or her personal property into the care of another. The responsibility to look after that property is often limited in the contract creating that relationship.
Explain how the expression “finders keepers” relates to property law. Explain who is entitled to goods found in the public or private part of a building.
Distinguish between a bailment for value and a gratuitous bailment.
Jane asked her friend Harry to look after her very valuable Stradivarius violin while she was away on vacation. Which one of the following statements is correct with respect to the legal relationship
Parvanh Backmirzie left two valuable Persian rugs with La Moquette Fine Rugs and Furnishings to be sold on consignment. But they were not sold and while waiting to be picked up by Backmirzie they
There is a considerable difference between the laws with respect to residential and commercial tenancies. Most of the statutory changes favour the tenant and have led to much complaining by landlords
Distinguish between real property, personal property and intellectual property. Distinguish between a chattel and a chose in action. Explain how personal property can be used to secure a loan.
Explain what is meant by a joint venture, a holding company, and a franchise. Why are they attractive ways of carrying on business?
Give examples of various ways that corporations can be abused and how those abuses can be avoided.
Describe the kind of corporations where a Shareholder Agreement would likely be found and the effect it will likely have on the position of a minority shareholder.
Explain what is meant by a company going into receivership. How does receivership differ from bankruptcy? Explain how a proposal under the Bankruptcy and Insolvency Act may affect the position of a
Distinguish between equity and debt financing. Explain the nature of bonds and how they differ from shares.
Distinguish between authorized and issued share capital and common and preferred shares. Explain the rights of a preferred shareholder when they are not paid the dividend promised.
Describe effective strategies for a corporation to avoid being the victim of fraud and theft.
Explain a director’s liability for improperly declared dividends, failure to collect deductions from employees, and the consequences of such a failure. How does “due diligence” affect those
What are the various ways a director can breach his or her fiduciary duty? Explain the consequences of such a breach?
What are the duties of a director and to whom are those duties owed? What standard of care is required of a director? What constitutes a director’s duty of good faith?
Explain what is meant by a representative action, when it arises, and who can bring such an action.
What is meant by a shareholder’s right to dissent, to be free from oppression, and preemptive rights with respect to the corporation?
Explain the nature of the liability of partners and the effect of a partnership agreement on a partner’s liability to outsiders. How will the retirement of a partner affect those obligations?
Describe the advantages and disadvantages of having the ownership and management of a corporation separate.
Explain the consequences of a corporation being a separate legal entity and what happensto a corporation when all of the shareholders die.
Explain under what circumstances the courts may “lift the corporate veil,” and the consequences of that happening.
Explain the right of a shareholder with respect to control of the corporation, how that right is exercised, and what is meant by a shareholder’s limited liability.
Distinguish between broadly held and closely held corporations.
Distinguish between the articles of incorporation and the by-laws of a corproation.
Joe is a shareholder of XYZ Corporation, an extremely profitable company in the software business, and was upset when the directors of the company refused to declare a dividend again, ploughing the
What is the effect of incorporation and what is meant by the term “corporate myth”?
Explain under what circumstances a shareholder's right to sue against oppression arises.
What is meant by a limited partner? What is the extent of limited liability? What qualifications must be met for such a limited partnership to exist and how it can be lost? Distinguish such a limited
If a director fails in his duty to the corporation, what rights does a minority shareholder have to hold him accountable?
Which one of the following is an example of breach of fiduciary duty?a. The directors of the company refuse to give a pay raise to the employees although they had not received a pay raise for five
Explain what will bring a partnership to an end and how the assets of the partnership are to be distributed upon dissolution.
Explain the nature of the director’s duties to the corporation.
Which of the following situations would allow a shareholder of a closely-held company, with permission of the court, to sue on behalf of the company?a. If four of the five directors in the best
S.C.I. Systems was a creditor and held a promissory note against Gornitzki, Thompson & Little Co. Ltd. (G.T.L.). Instead of paying the note, the director and sole shareholder of G.T.L. had the
Explain the significance of the determination that a company is a broadly held corporation or public company as opposed to a closely held corporation.
Which of the following is false with regard to the characteristics of incorporated companies?a. The company is a separate legal person which can sue and be sued.b. Directors are responsible for the
Mr. Segal is a wealthy man, and among other properties is the sole beneficial owner of two corporations that own substantial land in Ontario. He and his wife divorced and as part of the proceeds she
What is the nature of a partner’s duty and to whom is that duty owed?
Explain how major decisions are made in a partnership and how partners get paid.
Explain what is meant by a preferred share?
You have been asked by two of your classmates to join them in incorporating a closely held company that would commence a consulting business. One was in your class so you know him quite well, but the
Mr. Rochwerg was a partner in an accounting firm and while he paid over some of the remuneration he received from serving as a director on two associated companies, he failed to disclose the fact
What are the advantages and disadvantages of being a sole proprietor?
With regard to liability of partners, which of the following is false?a. A limited partner is liable only for the amount of his initial investment if he follows the directions set out in the
Mr. Schmidt worked as a partner in the Abbotsford accounting firm of Peat Marwick Thorne, when he informed the partnership that he wanted to retire and help his sons on their farms. The partnership
While shareholders are isolated from liability for the careless actions of corporations, this protection is not always carried through to directors who may be held criminally and civilly liable for
Distinguish between a partnership and a corporation.
Which of the following statements is correct with respect to the Partnership Act?a. The Partnership Act always overrides any provisions contrary to it set out by the partners in the partnership
Mortimer was a partner in a law firm and acted as the executor for the estate of Mrs. Amy Cooper. When she died, he distributed the proceeds of the estate to a series of beneficiaries. He also stole
A corporation is considered a legal entity, separate and apart from the shareholders who make it up. This is a myth or fiction and has no basis in reality. Most of the unique characteristics of
Explain any limitation on the liability one partner has for another partner’s actions.
Which of the following statements is correct with respect to partnership?a. Partnership involves 2 or more persons carrying on business with a view towards profits.b. Partnerships involve limited
Hussain and Hingora operated the Papaya Market and they entered into a “letter of understanding” with Red Burrito, the operator of several restaurants in the Vancouver area to convert the market
What factors will indicate the existence of a partnership?
Describe the nature of a partnership, the purpose and effect of the Partnership Act, and the effect a partnership agreement can have on the relationship between the parties as set out in that statute.
Joe had worked for Sam’s Manufacturing Company for ten years when Sam came up to him one day because he lost a major contract, he had no work for him to do, and he was fired as of that time.
Distinguish between actual, apparent and implied authority.
With respect to duties owed by an agent to his principal, which of the following statements is false with regard to agency law?a. Generally, an agent may not delegate his authority without the
Explain what is meant by ratification, how ratification may arise, and its effect on the contracting parties.
Do you feel that unions have too much power today? Look at the legislation in place in your jurisdiction and discuss whether it accomplishes a balanced approach between the needs of employees and
IT/NET Inc. did consulting work for various government departments. The practice was for such government departments to publish a request for proposals (RFP) and the consultant company would respond
Chris was a systems analyst hired to ascertain the best system for a retail china shop. After a careful analysis of the shop’s needs and the available software, Chris presented a written report,
What conditions must be met first before the employees can go out on strike?
Explain under what circumstances a principal will be responsible for the wrongful acts committed by an agent who is an employee, and an agent who is an independent contractor.
Mrs. Fisher had worked for Lakeland for 15 years when she turned 65 in 2002. She asked and received assurance that she could work for the company for as long as she wanted. In 2003 she was required
Which of the following statements is correct with respect to the employer’s liability for the conduct of the employee?a. The employer is always liable for the wrongful conduct of his
Once a picket line is properly set up, no one can cross it. Explain the accuracy of that statement.
Explain what is meant by an undisclosed principal. What options are available to a third party when an agent acts for such an undisclosed principal?
Employees lawfully on strike at one Kmart department store decided to pass out leaflet at another Kmart location. This was determined to be secondary picketing, which was prohibited in British
Which of the following would end the employment relationship by breach thus giving rise to a claim for damages for wrongful dismissal?a. The employee is told he will no longer be needed at the end of
Explain under what circumstances a principal can be held liable for torts committed by an agent.
Explain the nature of an agent’s obligations to the principal, and what is meant by fiduciary duty.
Kelly had worked for Linamar Corp. for 14 years. The company was the largest employer in the town and had a reputation as a good corporate citizen. He was working as a materials manager supervising
Eastside Nurseries Ltd., which had long been a family business, was faced with a demand by its workers that it recognize their new organization, a union, for the purposes of collective bargaining.
Explain how the principle of estoppel can be important in an agency relationship.
Joe was a salesman, newly hired by Radio Hut, and on his first day on the job, he was left in charge of the store while the manager and the other salesmen went to lunch. They specifically told him
Define employment and distinguish between the control test and the organization test.
Which of the following statements is correct with respect to the operation of the collective agreement?a. All disputes arising out of the enforcement of the collective agreement must be handled by
Explain what is meant by an agent’s fiduciary duty to the principal.
Explain under what circumstances an employer will be vicariously liable for the torts committed by an employee and bound by contracts entered into by an employee.
For the past seven years, Hudson has worked as vice-president in charge of personnel (a non-union position) for Mountain Enterprises Ltd. As part of a corporate reorganization, the directors of the
Explain what is meant by an undisclosed principal and the significance of such a relationship.
Explain how the employment relationship may be terminated. In the absence of contractual provisions, how much notice is required? Include a discussion of constructive dismissal and what effect that
Define just cause. Give examples, and explain what effect it has on the requirement of notice.
What are an employer’s obligations with respect to disabled workers?
How are damages assessed in a wrongful dismissal action, and how is that award affected by bad faith on the part of the employer or an employee’s failure to mitigate?
Explain the employee’s obligations with respect to notice to quit, fiduciary duty and confidential information.
Describe the certification process in your jurisdiction.
Distinguish between recognition, jurisdiction, interest and rights disputes. Indicate how each of these types of deputes must be resolved.
Explain what is meant by unfair labour practices and how they are dealt with in Canadian law.
Explain what is meant by the obligation for the parties to bargain in good faith and the role mediation plays in the collective bargaining process.
Distinguish between a strike and a lockout, and indicate how much notice must be given and any other restrictions or requirements on strike or lockout in your jurisdictions.
What is meant by picketing? Why is it so effective and what limitations on the right to picket are there in your jurisdiction?
Explain what is meant by a union shop, a closed shop, and the right of “check off.”
Explain the purpose and effect of workers’ compensation legislation, occupational health and safety statutes, employment insurance statutes, and human rights statutes with respect to employment.

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