A covenant requiring the owner of the land to refrain from certain conduct 1 point or certain use of land is called: * adverse possession O a restrictive covenant O a right of way an easement Voluntary transfers of land does not include * 1 point a deed a transfer expropriation O a gift 1 point You are an investment advisor at the Royal Bank of Canada. An elderly woman comes in to see you for advice investing her life savings of $500,000.00. She tells you she has a very low risk tolerance and she wants a secure income from the investment. Your advice will be to: purchase common shares in the Royal Bank of Canada purchase common shares in a local gold mining company purchase secured bonds in the Royal Bank of Canada purchase unsecured bonds in the Royal Bank of Canada A closely held corporation is also referred to as a: * 1 point public corporation issuing corporation private corporation publicly traded corporation A distributing corporation is also referred to as a: * 1 point O private corporation reporting issuer closesly held corporation none of the above If a party to a contract is the victim of an Innocent misrepresentation he or 1 point she may: * sue for specific performance sue for damages sue for rescission of the contract sue for an injunction The primary advantages of the business corporation are: 1 point the separation of ownership and management and unlimited liability the separation of ownership and management and limited liability the creation of shares and bonds the transfer of ownership The primary advantages of the business corporation are: * 1 point the separation of ownership and management and unlimited liability the separation of ownership and management and limited liability the creation of shares and bonds the transfer of ownership The priority of each interest in land is determined based: * 1 point on the order of registration with later registrations taking priority over previous registrations on whether a deed is signed on the order of registration with earlier registrations taking priority over subsequent registrations on the Statute of Frauds 1 point XYZ Ltd. is insolvent. It has $300,000.00 in assets to be distributed to the creditors. What is the order of payment of its creditors: * preferred shareholders, then general creditors, then secured creditors common shareholder, then secured creditors, secured creditors, then general creditors, then any surplus to the corporation 1 point A party to a contract who entered into the contract by way of undue influence may claim: * damages specific performance rescission quantum merit * A leasehold estate is: 1 point an estate in time an interest less than estate a form of life estate obtained by Adverse Possession A gratuitous reduction of debt: 1 point amounts to a breach of a major term of a contract must be in writing should be supported by fresh consideration to be enforceable is a form of corporate borrowing If a debtor becomes insolvent: * 1 point general creditors are paid first secured creditors are paid first general and secured creditors share equally general and secured creditors share rateably A sale of a mortgage by the mortgagee is called: * 1 point an assignment of mortgage a discharge of mortgage a deed of conveyance O a charge Title Insurance is: 1 point a way of searching title a form of an estate in time a policy of insurance that compensates the holder for defects on title something a vendor's lawyer does Corporations typically raise money by: * 1 point issuing bonds and shares bylaws Articles of Incorporation winding up A Transfer can also be referred to as a: 1 point mortgage deed charge right of way A winding up requires: * 1 point the liquidation of the corporation the amalgamation of the corporation the purchase of shares of the corporation the removal of a director of the corporation Preferred shareholders: 1 point rank ahead of secured bondholders on a liquidation rank ahead of unsecured bondholders on a liquidation aren't entitled to dividends rank ahead of common shareholders on a liquidation The fiduciary duty of directors are: * 1 point to act honestly and in bad faith with a view to the best interest of the shareholders to act honestly and in good faith with a view to the best interest of the shareholders to act honestly and in good faith with a view to the best interest of the corporation Which of the following is a bilateral offer: * 1 point I promise to pay you $50 tomorrow night I promise to pay you $50 if you swim the St. Mary's River I promise to pay you $50 if you find my dog I promise to pay you $50 if you promise to give me your dog A unit owner in a condominium holds: 1 point a life estate a fee simple estate a tenancy The declaration of dividends: * 1 point is done by a resolution of the shareholders is done by a resolution of the majority of shareholders is done by a resolution of the Board of Directions is done by the accountant/auditor of the corporation