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Multiple questions 1 .The land titles system of registration guarantees the accuracy of title to real property. True False 2 The Industrial Design Act protects

Multiple questions

1 .The land titles system of registration guarantees the accuracy of title to real property.

True

False

2 TheIndustrialDesignActprotects

a unique shape, pattern, or element of design of a product.

True

False

3 The word(s) "Registered" or "Rd" must be marked on an industrial design in order to have full protection.

True

False

4 An assignee is a person who transfer rights to an assignor under an assignment.

True

False

5. 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:

A subtenant

An assignor

In a fixed tenancy

In a periodic tenancy

6. Jason worked as an employee of MegaByte Industries, a computer conglomerate. As part of his job, he produced a unique program for routing emergency calls to the appropriate public emergency services departments. There is no written employee contract dealing with ownership of the program. This program can be:

Copyrighted only by MegaByte

Copyrighted only by Jason

Patented only by MegaByte

Patented only by Jason

7. Mortgagor is the bank or person lending the money.

True

False

8. Intellectual property is a form of tangible personal property.

True

False

9. A net lease is one in which the tenant pays a fixed amount as rent as well as a percentage of the landlord's operating expenses.

True

False

10. A bailment occurs when one party gives another party temporary possession of a good or chattel for a specific purpose.

True

False

11. A mortgage is a debt secured by the real property to ensure payment of a loan for a set amount of money.

True

False

12. Your business's reputation and goodwill is a form of intangible personal property.

True

False

13. Which of the following isnotconsidered personal property?

Chattels

Goods

Fixture

Movables

14. Mortgage agreements usually have conditions as part of their terms. What isnota condition usually found in a mortgage agreement?

To make monthly payments on time

To ensure that property taxes are paid each year

Not to commit waste

Not to remortgage without consent

15. Confidential information is protected in Canada by registration.

True

False

16. A trademark protects terms, symbols, and designs that identify a product or company.

True

False

17. An assignment is when the tenant transfers the tenancy to another person for the remaining term of the lease.

True

False

18 Bell Canada created an extremely attractive, totally new design for a touch-tone keypad for use in all its new cell phone. Bell wishes to protect the design. It should do so under:

theCopyrightAct

theIndustrialDesignAct

thePatentAct

theTrade-marksAct

19. A lease is a contract that sets out the terms and conditions for the rental of real property.

True

False

20. Registration of a trademark in Canada is required for protection.

True

False

21. The transfer of possession of goods from one person to another for the purpose of offering the goods for sale is an example of bailment by consignment.

True

False

22 A net lease is one in which the tenant pays a fixed amount as rent on a regular basis

True

False

23. The Land Titles System is different than the Registry System because the Land Title System:

Does not affect the title

Does not confirm title

Guarantees title

Is a depository for documents?

24 Governments may limit the types of structures that can be built on real property.

True

False

25. The registry system confirms ownership of the real property.

True

False

26. Starting a sole proprietorship can be as simple as filing a form and paying a fee.

True

False

27. A limited partner is only responsible for the amount of their investment into the partnership.

True

False

28. A corporation is a separate legal entity distinct from its owners.

True

False

29. A fiduciary duty in partnership doesnotrequire which of the following?

Partners must act in their clients' best interest

Partners must disclose a conflict of interest

Partners must not compete with the partnership

Partners must take personal advantage of partnership information

30. Preferred shares have no right to vote but will receive dividends before common shareholders.

True

False

31, Shares represent a shareholders' ownership interest in a corporation.

True

False

32 One disadvantage for a sole proprietor is profits are taxed at their personal tax rate.

True

False

33 f a corporation sells shares to the general public, then it is a public corporation.

True

False

In which of the following relationship is a fiduciary duty owed?

Directors to corporation

Directors to employees

Directors to security holders

Directors to shareholders

Bottom of Form

34 If a corporation does not sell shares to the general public, then it is a public corporation.

True

False

35 Franchise is a contractual business arrangement where a franchisor grants a franchisee the right to operate a similar business.

True

False

36 A sole proprietorship is the simplest form of business formation.

True

False

37 Joint ventures are governed by applicable provincial legislation.

True

False

38 An equity joint venture is a separate legal entity to which the individual parties contribute capital.

True

False

39 Two or more businesses carrying on an activity for a specified period of time is a joint venture.

True

False

40 Those persons legally responsible for the execution of management of a corporation are the:

Directors

Employees

Officers

Shareholders

41 In an accounting limited liability partnership (LLP) the partnership is liable for the negligence of a partner in the performance of his or her professional duties.

True

False

42. You can become a partner without knowing it.

True

False

43. Partnerships are governed by federal legislation.

True

False

44 The franchisee is dependent upon the franchisor and treated like an employee.

True

False

45 In order for a director of a corporation to show that she can rely on the defence of due diligence, she must be knowledgeable of the prevailing environmental standards and must take clear action to prevent, report, review, and respond to danger.

True

False

46 A partnership is two or people carrying on business together with a view to sharing profits.

True

False

48 Which of the following isnota concern for a sole proprietor?

Complying with income tax regulations

Filing annual reports

Following government regulations

Meeting local zoning bylaws

49 Officers of a corporation have the same fiduciary duty as directors of a corporation.

True

False

50 A contractual joint venture is based on a written agreement between the parties.

True

False

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