Mortgage agreements usually have conditions as part of their terms.What is NOT a condition usually found in a mortgage agreement?

Not to re-mortgage without consent

To make monthlypayments on time

To ensure that property taxes are paideach year

Not to commit waste

Which of the following is NOT required during the collective bargaining process?

Parties must make reasonable effortsto reach an agreement

Employer must agree to the terms requested by the employee

Both employer and employee must bargain in good faith

Parties must have their agreement ratified by both employers and employees

3.A person enters into a contract on the basis of certainfacts. However, because of a change in circumstances, these facts are no longer valid as advised by the other party. Therefore, the person who entered into the contract can now get out of the contract. This is known as:

A personal interaction

Innocent misrepresenation

A statutoryduty

An electronic transaction

4.Which of the following is a protection for employees under Employment Standards legislation?

Notice of dismissal without cause

Employment insurance

Licensing notice

Strike notice

Lucy rents a commercial storage space every summer to store her possessions while she is not at school. She pays the storage fees by cheque each month to the owner of the facility. Lucy is:

In a periodic tenancy

An assignor

In a fixed tenancy

A subtenant

There are two types of mistakes recognized by courts that may allow some remedies to be applied.The two types of mistakes are:

a.Mistakes about the lengthof the contact and its purpose.

Mistaken assumptions about whether one of the parties was a "reasonable person" and mistakes about the educational background of one of the parties.

Mistakes about how legislation is interpreted and mistakes about the Statute of Limitations in Canada

Mistakes about the terms of the contract, and mistaken assumptions about the subject matter of the contract

Which of the following is not an example of debt financing ?

Selling preferred shares pursuant to a loan agreement

Selling personal property pursuantto a loan agreement

Borrowing money from a credit union pursuant to a loan agreement

Borrowing money from a bank pursuant to a loan agreement

The greatest control over the acts of the corporation may be exercised by the:

Bond holders

Majority owners in common shares

Board of directors

Majority owners in preferred shares

Most problems with contracts can be anticipatedduring what part of the process?

Transactional

Cancellation

Formation

Legislative

If you and a friend have abet on a basketball gameone night,and you win,what happens if your friend refuses to pay? Most courts in Canada refuseto enforce gambling debtsbetween private parties, even though they oftenresemble perfectly good contracts.

What is the rationale for this type of reasoning?

Because compensation under contract law can be exorbitant

The court system in Canada is currently in a backlog situation and therefore, cannot effectively deal with additional cases.

This type of activity is viewed as a public policy issue and the courts do not wish to promote thesetypes of activities.

The courts require that all those who enter into a contract have the capacity to do so.

In an action for infringement of intellectual property,which of the following remedies would a plaintiff NOT ask for?

Damages

Accounting

Specific performance

Injunction