Bicycles Inc. orders 500 helmets in October with a delivery date of March 1. The helmets are never delivered. How long does Bicycles Inc. have before they must start a lawsuit?

1 year

2 years

3 years

4 years

A court will read into a contract obligations of good faith.

True

False

Which statement is most accurate: The Canadian Charter of Rights and Freedoms:

Protects individual rights and freedoms from government interference

Protects individual rights and freedoms from individual interference

Protects government rights and freedoms from government interference

All of the above

Groot offers to buy Rocket's space pod for $10,000.00 if Rocket accepts his offer by 2pm on Tuesday. Rocket accepts Groot's offer at 7pm on Tuesday. Which statement is most accurate:

Groot did not accept Rocket's offer

Groot revoked the offer

Groot's offer was not open for acceptance

Groot did not make an offer, Rocket did

Custom Cottage Construction Company has been in business for 50 years. Because of an economic downturn, people were not buying custom cottages. Within 2 years, Custom Cottage Construction had debts of $7 million. But there was hope, because economists were predicting that the economic downturn would be over in the next 3 months and as such, custom cottages would be in demand again within a year. Custom Cottage Construction Company's creditors are seeking repayment. What is the best course of action for Custom Cottage Construction Company?

Seek protection under the Companies' Creditors Arrangement Act

File for bankruptcy

Ride it out for a year until the market rebounds

Close their business

Which statement is incorrect regarding the Personal Property Security Act?

The PPSA permits lenders to see what assets of the debtor have already been used to secure a loan

The PPSA allows a lender to see where they are in priority regarding the debtor's debts

The PPSA permits lenders to know what other registered debts/loans the debtor has

The PPSA allows lenders to see all unsecured loans the debtor has

If the amount in dispute is over $35,000.00, which court should the lawsuit be started in?

Superior Court of Justice

Ontario Court of Appeal

Small Claims Court

Supreme Court of Canada

An example of a condition precedent is:

A guarantee that the home is in good condition at the time sale

My offer to buy the car is conditional upon me obtaining financing for the car

The contract is based on the condition that the Christmas toys will all be delivered before the Christmas shopping season begins

All of the above

None of the above

An example of an unconscionable contract is:

One party agrees to pay a 25% premium to obtain the product

The contract requires one party to supply a product at a discount

The contract requires a party to only hire women for a specific job

The contract requires a party to sell exclusively to the party

A Supreme Court of Canada decision is binding on:

Only courts of appeal

Only provincial governments

Every court, government and persons in Canada

Only the parties to the lawsuit