Lisa and Christina own homes on properties next to each other. There was no visible boundary between the properties. Neither remembered where the property division was. Christina noticed a diseased tree in between the properties. She said to Lisa, the tree is on your land. If it causes any harm to my property, I will sue you. Youd better cut it down before it causes damage to my home. This alarmed Lisa and she immediately hired a company to cut down the tree and thus removed the afternoon shade to Christinas home. Later, it was shown that the tree was in fact on Christinas land (not Lisas). Christina is enraged and sues for damages. Which of the following is correct?

Question 11 options:

	Christina cannot be successful because of Chronological Estoppel
	Lisa can claim Promissory Estoppel
	Lisa is liable due to the principal of Bagosian Equitable Estoppel
	As Lisa did not know it was on Christinas land, she cannot be found liable

Question 12 (1 point)

On a cold winters night, Dianas home furnace broke down. Her pipes froze and burst. Her basement was flooded. Panicked, Diana called Steve (from Trevors Plumbing) to immediately come to the house. Steve got there an hour later and fixed the leak. The next day, Diana received a bill for $300 from Trevors Plumbing. She refused to pay.

Question 12 options:

	Quantum Meruit would apply and she must pay a reasonable price for the service
	Even though no price was discussed, she needs to pay and Trevors plumbing can set whatever price it wants afterward
	As no price was discussed, she does not need to pay
	Even though no price was discussed, she needs to pay but she can set the price

Question 13 (1 point)

The assets of an incorporated business are legally owned by:

Question 13 options:

	the corporation
	the common shareholders
	the preference shareholders
	all of the above

Question 14 (1 point)

Hal Jordan purchased Multi-Coloured Lanterns and Rings, a small business from Guy Gardner, a well-established entrepreneur for $350,000. To finance the transaction, he borrowed $250,000 by way of a mortgage on the premises, and he got the seller to accept a chattel mortgage on the equipment for the balance. Both mortgages were duly registered. He then arranged with the trade suppliers to sell him his inventory on credit.

The business was a high-volume, low mark-up type of business. A large amount of money passed through Mr. Jordans hands each day, even though the portion that represented his profit was small. During the first few months of operation, he purchased a new, expensive motorcycle, refurnished his house, and took his wife on a 15-day holiday to Hawaii, where he spent several thousand dollars visiting the sites.

When his suppliers began pressing him for payment of their accounts, he managed to pacify them by staggering payments in such a way that each received the payment of some accounts, but their total indebtedness remained about the same. He accomplished this in part by seeking out other suppliers and persuading them to supply him with goods on credit.

A few months later, it became apparent to Mr. Jordans creditors that he was in financial difficulty, and several creditors threatened to institute bankruptcy proceedings. To prevent any action on their part, Mr. Jordan paid their accounts in full. The threats of the creditors brought his desperate financial position forcefully to his attention, however. He promptly transferred $50,000 to his brother, Kyle, and he placed a further $50,000 in a bank account that he opened in another city.

A few days later, Mr. Jordan purchased two one-way airline tickets for a flight to Japan that was scheduled for the next week. Before the departure date, a creditor, to whom Mr. Jordan owed a trade account in excess of $15,000, became aware of his plans and instituted bankruptcy proceedings against him.

Question 14 options:

	Creditors cannot petition someone in to Bankruptcy. It must be voluntary
	As there was no consumer proposal prior to the Bankruptcy proceedings, Hal has no danger of bankruptcy
	Hal has done nothing improper and cannot be forced into Bankruptcy
	Hal has committed an act of Bankruptcy but does not owe enough to be forced into Bankruptcy
	All of the Above
	None of the Above

Question 15 (1 point)

Hal Jordan purchased Multi-Coloured Lanterns and Rings, a small business from Guy Gardner, a well-established entrepreneur for $350,000. To finance the transaction, he borrowed $250,000 by way of a mortgage on the premises, and he got the seller to accept a chattel mortgage on the equipment for the balance. Both mortgages were duly registered. He then arranged with the trade suppliers to sell him his inventory on credit.

The business was a high-volume, low mark-up type of business. A large amount of money passed through Mr. Jordans hands each day, even though the portion that represented his profit was small. During the first few months of operation, he purchased a new, expensive motorcycle, refurnished his house, and took his wife on a 15-day holiday to Hawaii, where he spent several thousand dollars visiting the sites.

When his suppliers began pressing him for payment of their accounts, he managed to pacify them by staggering payments in such a way that each received the payment of some accounts, but their total indebtedness remained about the same. He accomplished this in part by seeking out other suppliers and persuading them to supply him with goods on credit.

A few months later, it became apparent to Mr. Jordans creditors that he was in financial difficulty, and several creditors threatened to institute bankruptcy proceedings. To prevent any action on their part, Mr. Jordan paid their accounts in full. The threats of the creditors brought his desperate financial position forcefully to his attention, however. He promptly transferred $50,000 to his brother, Kyle, and he placed a further $50,000 in a bank account that he opened in another city.

A few days later, Mr. Jordan purchased two one-way airline tickets for a flight to Japan that was scheduled for the next week. Before the departure date, a creditor, to whom Mr. Jordan owed a trade account in excess of $15,000, became aware of his plans and instituted bankruptcy proceedings against him.

Which of the following is true?

Question 15 options:

	a. Hal has committed no acts of Bankruptcy
	b. In transferring money to his brother, Hal has committed an act of Bankruptcy
	c. Kyle has committed an Act of Bankruptcy by accepting Hals money and can be petitioned into Bankruptcy
	d. Both A & C
	e. All of the Above
	f. None of the above