1. Which of the following ingredients are required to create a valid contract?

	A.	Invitation to treat, offer, acceptance, and a seal.
	B.	Consensus, Consideration, Capacity, Legality, Intention,
	C.	Offer, acceptance, and consideration.
	D.	A meeting of the minds.

2.

1. Which of the following are correct?

   	A.	A rate of interest between 28-36% is always excessive or unreasonable under the Unconscionable Transactions Relief Act.
   	B.	All of the above are correct.
   	C.	Section 13 of the Ontario Sale of Goods Act deals with title; section 14 deals with description; section 15 deals with fitness and quality, and section 21 deals with the transfer of title.
   	D.	A holder in due course is liable on default by the original drawer/maker only if properly notified of default.

2.

Jones borrows $5,000 from the bank with his mother as guarantor and then fails to pay. The guarantee is not in writing. In which province is the mother not responsible for the $5,000 debt as guarantor?

	A.	All Canadian provinces
	B.	Alberta
	C.	Ontario
	D.	British Columbia

4.

Jones borrows $5,000 from the bank with his mother as indemnifier and then fails to pay. The indemnity is not in writing. In which province is the mother not responsible for the $5,000 debt as indemnifier?

	A.	All Canadian provinces.
	B.	Alberta.
	C.	British Columbia.
	D.	Ontario.

5.

1. Division I proposals pursuant to the Bankruptcy and Insolvency Act usually involve commercial debtors in the form of corporations or individual debtors with significant claims against them (more than _______?)

   	A.	$50,000
   	B.	$250,000.
   	C.	$100,000.
   	D.	$200,000.