In Eastwood v Kenyon, Eastwood, who was the guardian of Mrs. Kenyon while she was a child, personally borrowed money in order to finance her education and to maintain the estate of which she was the sole heiress. On coming of age, she promised to reimburse him; after her marriage, her husband, Mr. Kenyon, promised Eastwood to pay back the sum, but he did not. Eastwood sued Mr. Kenyon, claiming that Kenyon had a moral duty to honour his promise, but his action failed

Question 1 options:

	Kenyon's promise was not an offer
	Kenyon was morally obligated to pay and this was recognized by the court
	Kenyon had not received any consideration for his promise
	none of the above

Question 2 (1 point)

A leasehold estate is:

Question 2 options:

	an interest more than an estate
	a form of life estate
	obtained by Adverse Possession
	none of the above

Question 3 (1 point)

Which of the following is considered an Offer:

Question 3 options:

	I'll pay you $100
	I swear to pay you $100 tomorrow
	I'll pay you $100 if you skate around the rink 10 times
	I'll give you $100 at the end of the class

Question 4 (1 point)

A mortgage in the Land Titles Registrations System is called:

Question 4 options:

	a transfer
	a charge
	a contract
	a deed

Question 5 (1 point)

All business corporations must have:

Question 5 options:

	preferred shares
	bonds
	bonds and debentures
	some kind of shares

Question 6 (1 point)

Every business corporation:

Question 6 options:

	must have per value shares
	must have a charter
	must have bonds
	must have employees

Question 7 (1 point)

Title Insurance is:

Question 7 options:

	a policy of insurance that compensates the holder for defects on title
	a form of an estate in time
	something a vendor's lawyer does
	a way of searching title

Question 8 (1 point)

A clause in a mortgage that states that the total of principal and interest falls due and payable in a default is:

Question 8 options:

	amortization period
	called the term of the mortgage
	called an acceleration clause
	a maturity date

Question 9 (1 point)

The priority of each interest in land is determined based:

Question 9 options:

	on the Statute of Frauds
	on whether a deed is signed
	on the order of registration with earlier registrations taking priority over subsequent registrations
	on the order of registration with later registrations taking priority over previous registrations

Question 10 (1 point)

To qualify for recovery, damages must:

Question 10 options:

	a major breach of contract
	be foreseeable to the parties at the time the contract is formed
	be foreseeable to the parties at the time of the breach
	a minor breach of contract

Question 11 (1 point)

Laura owns a home. Laura gets married to Brandon. As soon as Laura and Brandon begin living in a home together after marriage:

Question 11 options:

	Laura becomes a joint tenant
	Laura becomes a tenant in common
	the home becomes Brandon's matrimonial home
	the home becomes Laura's

Question 12 (1 point)

A issuing corporation is also referred to as a:

Question 12 options:

	private corporation
	widely held corporation
	closely held corporation
	none of the above

Question 13 (1 point)

A guarantee:

Question 13 options:

	none of the above
	must be in writing
	is enforceable
	need not be in writing

Question 14 (1 point)

If a default occurs in a mortgage, the mortgagee:

Question 14 options:

	can sue for possession only
	can sue for damages
	can sue for possession and exercise a Power of Sale
	can sue for specific performance

Question 15 (1 point)

A person dies "intestate" when:

Question 15 options:

	he or she dies without heirs
	he or she dies without signing a will
	he or she dies having signed a will
	he or she dies without a spouse

Question 16 (1 point)

An unilateral offer is:

Question 16 options:

	an invitation to treat
	not an offer at all
	an offer of a promise in return for an act
	a contract

Question 17 (1 point)

In order to subdivide a piece of land the owner must:

Question 17 options:

	sign a deed or transfer
	obtain federal approval
	obtain provincial approval
	none of the above

Question 18 (1 point)

The oldest method of incorporation is:

Question 18 options:

	the Letters Patent System
	Royal Charter
	Articles of Incorporation
	none of the above

Question 19 (1 point)

A promise made without bargaining for anything in return is:

Question 19 options:

	a gratuitous promise
	a type of offer
	a promise that is enforceable
	supported by consideration

Question 20 (1 point)

Arrears of taxes are found:

Question 20 options:

	by request from the province
	by asking the mortgagee
	by asking the owner
	none of the above

Question 21 (1 point)

The acceptance of an offer to purchase in a real estate transaction creates:

Question 21 options:

	an Agreement of Purchase and Sale
	a deed
	a transfer
	a mortgage

Question 22 (1 point)

A sale of a mortgage by the mortgagee is called:

Question 22 options:

	a charge
	a deed of conveyance
	an assignment of mortgage
	a discharge of mortgage

Question 23 (1 point)

Which of the following is a bilateral offer:

Question 23 options:

	I promise to pay you $50 if you run around the block
	I promise to pay you $50 if you find my ring
	I'll give you $100 for your sweater
	none of the above

Question 24 (2 points)

ABC Ltd. is insolvent. It has $500,000.00 in assets to be distributed to the security holders. What is the order of payment of its security holders:

Question 24 options:

	preferred shareholders, then general creditors, then secured creditors
	common shareholder, then secured creditors,
	preferred shareholders, then general creditors, then any surplus to the corporation
	None of the above