A commercial landlord can change the locks and seize the property of a tenant. True of false? Circle the correct answer. True False

2. The Personal Property Security Act exempts from compliance with the legislative security priority scheme bona fide purchasers for value without notice when the value of the goods is less than $1,000. True or false? Circle the correct answer. True False

3. The following transactions can be set aside by the court to prevent selling your property or giving away your property to avoid paying your creditors the money that is owed to them: _____________________ and ______________________________. To be upheld as a valid transaction, a sale of the debtor's property must be made for reasonable consideration to a person who is at ______________________________

4. The mortgagee's remedies upon default of payment on the mortgage loan by the mortgagor are _________________________, ______________________________, and ______________________________.

5. Jaspreet Singh became a commercial tenant before her commercial landlord obtained a mortgage on the property where her business is located. The landlord was deeply affected by the pandemic and he defaulted under the mortgage. Can the mortgagee lawfully evict Jaspreet Singh from the space that she rents? (5 points) 6. List four ways that an offer comes to an end. (4 points) 7. Under what circumstances does equitable estoppel apply? (5 points) 8. In a bankruptcy situation what is he priority of creditors on the following list. Place the numbers 1 to 4 beside the creditors listed, with number one being the highest priority to be paid by the debtor. _________ unsecured _________ unpaid taxes _________ purchase money security interest _________ secured creditor

9. Which option is not an implied term in the sale of goods? (1 point) (a) Goods will be of merchantable quality (b) The goods will be reasonably fit for the purpose intended (c) The service will be of reasonable quality (d) The goods will correspond to the description under which they are sold

10. Under the Sale of Goods Act, when a condition is breached the buyer must perform the contract and can only sue the seller for damages. True or false? Circle the correct answer.

True False

11. An ___________________________________ is an independent business that arranges insurance coverage for its clients. An _____________________________ is employed by an insurance company. A _______________________ is entitled to receive the insurance monies once a loss has occurred.

12. An agency relationship may be terminated by: (a) Bankruptcy of the principal (b) At the end of time specified in the agency agreement (c) By notice of wither the principal or agent that she wishes to end the relationship (d) By insanity of the agent (e) All of the above

13. What is employment equity? 14. Which one of these indicia relates to a lawful reason to dissolve a partnership? (1 point) (a) Where the court finds it just and equitable to dissolve it. (b) Unit holders should be entitled to elect trustees (c) Where the partner does not hold a minimum of one share in the company (d) When the preferred shareholders vote to dissolve the partnership (e) All of the above