1. Explain why one type of purchase transaction allows a buyer a cooling-off period, yet this privilege is not accorded to buyers in other types of purchase transactions. 2. Describe the various laws that impose obligations on employers and govern employment relationships. 3. Compare and contrast the treatment of employees with respect to discharge and discipline under a collective agreement and in the Common Law employment relationship. What are the implications of the unionized situation for an employer's hiring decisions? 4. The most significant figure in corporate finance and corporate structure is 51 percent. Discuss. 5. Explain the nature of the agency relationship in light of the principles of contract law. 6. Morton, a famous entertainer, agreed to host a telethon for the Society of Feathered Friends at half his usual $50,000 fee. A week before the telethon, $25,000 was paid into his account. Morton had spent many hours working up jokes about the Society of Feathered Friends, since his normal materials were not really suitable for the expected audience. On the morning of the telethon he awoke with laryngitis and no voice, and the doctor says he cannot perform. a) Describe how this will affect the contract between Morton and the Society of Feathered Friends. b) If Morton had done some promotional ads for the telethon, would that change your answer to (A)? 7. The Smalltown Sawmill entered into a contract with the Little Lumber Co. to supply the sawmill with logs. The sawmill produced a great deal of softwood lumber, particularly pine, for furniture making. The mill especially liked the logs supplied by Little Lumber Co. because they were from older stands of trees, which made the wood a higher quality. Little's logs were also somewhat larger, which made for less waste when cutting the larger pieces of wood required for furniture making. There was a written agreement between the parties that stipulated that the parties "for themselves, their executors and administrators and successors respectively" each covenanted to abide by and perform the terms of the agreement. The relationship continued over several years until the Little Lumber Co. assigned its rights under the agreement to another lumber company, Logs Ltd., which carried on the supply. The sawmill accepted shipments from Logs Ltd. for nearly a year when it decided not to accept any further shipments on the grounds that the contract it had with the Little Lumber Co. was not assignable. The Little Lumber company decided to take legal action to enforce the agreement on the sawmill. Explain the nature of the action taken and the legal principles the lumber company would rely on. What arguments would the sawmill raise in its defence? Render a decision. 8. Your car breaks down and you are stranded on a highway. You call a tow truck that takes your car to its garage where the mechanic replaces a faulty part. You do not have enough cash to pay, so you give the owner your address to send the bill for towing and repairs, and venture on your way. When the bill arrives, you find the prices high. After consulting another garage, your suspicions are confirmed. The mechanic sends you a notice threatening legal action and you decide to defend it using certain legal principles. What principles will you use for your defence, and what will be the probable outcome? 9. Explain how "accidents" are related to "torts" and how businesses, by reducing "accidents" can manage their legal liability