7- Read the following clause:

"NOW THEREFORE this Agreement witnesses that in consideration of the sum of one dollar ($1.00) paid by Jacob to Linda (the receipt and sufficiency of which is hereby acknowledged) and of the mutual covenants and agreements herein contained the parties do hereby covenant and agree with each other as follows:"

This clause is an example of:

Answer:

__ (a) Consideration clause

__ (b) Manufacturer's liability

__ (c) Defamation

__ (d) Acceleration clause

__ (e) Limited liability

8-Assume that your company, SHOWUS, wants to enter into a contract with a regional cell service provider.Your company wants to ensure that the contract with the regional cell service provider is for a fixed term of 5 years, and cannot be terminated before that first 5-year term expires.Further, you want to ensure that after that first 5 year term the contract is renewable for additional 5-year terms unless terminated by one year's notice.SHOWUS does not want the parties to have the ability to terminate the agreement after only one year.The termination clause should only apply to the 5 year renewal periods, not the first five year period.Which of the following clauses will correctly capture what SHOWUS wants in the contract.

Answer:

__ (a) "This Agreement shall continue in force for a period of five years from the date it is made, and thereafter for successive five year terms, unless and until terminated by one year's notice in writing by either party."

__ (b) "This Agreement shall continue in force for a period of five years from the date it is made and thereafter for successive five year terms, unless and until terminated by one year's notice in writing by either party."

__ (c) "This Agreement shall continue in force for a period of five years from the date it is made, and thereafter for successive five year terms unless and until terminated by one year's notice in writing by either party."

__ (d) "This Agreement shall continue in force for a period of five years from the date it is made and thereafter for successive five year terms unless and until terminated by one year's notice in writing by either party."

__ (e) Simply tear up the Agreement

9-Read the following clause:

"For a period of two (2) years after the Closing Date and within a radius of 30 kilometres of Charlottetown, the Seller shall not organize or participate in the organization of any firm, partnership, corporation, joint venture, sole proprietorship or other business entity, if such firm, partnership, corporation, joint venture, sole proprietorship or entity is engaged or to be engaged in any similar business, conduct or activity in competition with that of the Company or the Purchaser."

This clause is an example of:

Answer:

__ (a) Non-solicitation clause

__ (b) Non-competition clause

__ (c) Confidentiality clause

__ (d) All of the above

__ (e) None of the above

10-Which of the following can a director of a corporation be found personally liable for?

Answer:

__ (a) Employee wages in the event of bankruptcy of the corporation

__ (b) The Norman Conquest of 1066 A.D.

__ (c) Penalties for environmental damage caused by corporate activities

__ (d) Unpaid remittances to Canada Revenue Agency for income tax

__ (e) Stare Decisis

__ (f) Unpaid remittances to Canada Revenue Agency for harmonized sales tax

Interests in Land

11- Which of the following constitute an interest in land?Check all that apply.

Answer:

__ (a) Leasehold Estate

__ (b) Sole Proprietorship

__ (c) Life Estate

__ (d) Fee Simple

__ (e) Condominium

Mortgages

12-Which of the following are covenants of a mortgagor under a mortgage?

Answer:

__ (a) Pay the mortgage and interest

__ (b) Pay property taxes and municipal charges (sewer and water charges)

__ (c) Insure the property (fire insurance)

__ (d) Not to commit waste and to repair the property if any damage occurs

__ (e) All of the above