In McCormick v$.$ Fasken Martineau DuMoulin LLP$,2014$ SCC $39,[2014]2$ S$.$C$.$R$.108,$ the Supreme Court of Canada was asked whether an equity $($ownership$)$ partner could also be an employee of the partnership. Select the best or truest statement:

Question $3$Answer

a$.$

According to the Supreme Court of Canada, McCormick, as an equity partner, was not an employee of the partnership.

b$.$

McCormick, as an equity partner, exercised no control until after he turned $65$ and therefore was not an employee of the partnership.

c$.$

McCormick, as an equity partner, exercised no control until after he turned $65$ and therefore was an employee of the partnership.

d$.$

McCormick became an equity partner at his law firm in $1979.$ An equity partner has no ownership interest in the firm. In the $1980$s$,$ the partners voted to adopt a provision in their Partnership Agreement that required partners to retire as partners and quit at the end of the year in which they turned $65.$If you were a promoter for a corporation to be created in the future under the ABCA, how would you go about entering into agreements on behalf of that corporation before its incorporation $($choose the best or true answer$)$:

a$.$

You should say to all prospective contractors, suppliers and employees that pre$-$incorporation contracts are illegal and thus void under the ABCA and they should be wary of any such agreements.

b$.$

A promoter is never liable for breach of warranty, even if the corporation is never created, because s $15$ of the ABCA was created to protect well meaning, honest businesspersons.

c$.$

A promoter $($as defined by the law$)$ may be absolved of any liability by compliance with s$.15(6)$of the ABCA.

d$.$

A promoter $($as defined by the law$)$ is always absolved of any liability by compliance with s$.15(6)$of the ABCA such as by an oral agreement releasing the promoter for liability under a pre$-$incorporation contract.

e$.$

You can always get out of a pre$-$incorporation contract in Alberta by simply stating "This contract is cancelled."