1.Myron and Bill enter a contract wherein Myron agrees to pay $10,000.00 to buy Bill's car.After the deal is complete and Myron has paid his money it is brought to his attention that there is a lien on the car held by the Bank of Nova Scotia in the amount of $10,000.00.Myron had no idea that the lien was registered against the car.Which of the following statements are correct?

a.If the Bank's lien was registered prior to the sale to Myron, then the Bank can re-possess the car.

b.If the lien was registered after Myron bought the car, then the Bank can re-possess the car.

c.Regardless of whether the Bank registered its lien, it can re-possess the car.

d.Regardless of whether the Bank registered its lien, Myron rightfully owns the vehicle to the exclusion of all others because she was unaware of the lien on the car.

e.a and c.

f.None of the above.

g.b and d.

2.Joe Builder agrees to build a home for Bill for $100,000.00.He agrees to have him into the home by December 1, 2020.Partway through the project, Bill decides that he needs to be in the home by November 15, 2020.Joe Builder agrees to have him in by the 15^thof November.Which of the following statements is true?

a.Once Joe agrees, he is obliged to complete the home by November 15th.

b.There is no contract to have Bill in the home by November 15^thas Joe lacked capacity.

c.There is no contract to have Bill in the home by November 15^thsince there is a lack of consideration

d.This is a classic example of past consideration and therefore there is a binding contract to have Bill in the home by November 15th.

e.none of the above

3.Which of the statements are true about reliance damages:

a.It is not available as a remedy in contract law

b.It accounts for loss of profit

c.It is an example of an equitable remedy

d.All of the above

e.None of the above

4.An offer will come to an end if:

a.it is rejected

b.it is withdrawn after acceptance

c.there is a counter-offer

d.the offeror dies after it is accepted

e.a and c only

f.a, b and c only

5.The following are sources of law in Canada:

a.criminal law

b.common law

c.contract law

d.legislation

e.none of the above

f.a and c only

g.b and d only

6.The following are necessary elements to make a valid contract:

a.Intention

b.That it be in writing

c.Revocation

d.Quantum meriut

e.All of the above

7.Which of the following statements are true about offers:

a.They can be withdrawn at any time prior to acceptance

b.Once an offer is rejected it is no longer available to be accepted

c.It will lapse within a reasonable time if no time limit is imposed for acceptance

d.All of the above

e.None of the above

8.Jones is selling his Ski-Doo.Steeves offers Jones $10,000.00 for the Ski-Doo.Jones counters at $12,000.00.Steeves indicates that he needs time to think about it and asks that he be given until the next day to decide.Jones agrees.Later that day, Curley offers Jones $15,000.00.Jones accepts.Which of the following statements is true:

a.Jones and Curley have a valid contract.

b.If Steeves contacts Jones and accepts the $12,000.00, then Steeves has a valid contract with Jones.

c.If Jones contacts Steeves and withdraws before Steeves accepts, then this is a valid withdrawal of offer.

d.All of the above are true.

e.None of the above are true.

9.Which of the following persons do not have capacity to contract:

a.People who are insane.

b.Persons under the age of 18 years.

c.People who are physically challenged.

d.People who are non-residents.

e.all of the above

f.a and c

g.a and b.

10.The following contracts must be in writing in order for them to be enforceable:

a.Contracts for the purchase and sale of land.

b.All leases, regardless of the duration.

c.A guarantee.

d.A pre-nuptial agreement.

e.a, c and d only

f.a and d only