Please be thorough and brief with your answers and no copy and paste sentences or paragraphs from other sources ( and please no copy and paste excerpts from other sources), please. Please simplify as much as you can (in other words it is understandable).

Agency:

What is agency? Who are the parties to the agency relationship?

An agency relationship would occur when an individual or group or company who is called the principal, hires someone who is called an agent to perform some useful service as required by the principal. The principal also delegates the decision making power to the agent.

The parties involved in an agency relationship are the principal, the agent, and a third party.

Important agency relationships include between stock holders and the creditors, owners or managers and shareholders and stockholders and the managers.

How is the agency relationship created?

An agency can be created in one of the following ways.

Agreement Between the Parties

agreement basically just means contract. This relationship between the parties can be in writing, can be verbal, or it can be from the conduct of the parties. This is similar to the Express/Implied-in-fact contracts. The subject matter involved something that falls within the statutes of fraud, it needs to be in writing.

Ratification

this is somewhat of an approval of a matter done for another and thus retroactively forms a relationship. An example to explain, if someone does a favor for another with the other's knowledge and the other accepts, he has accepted and retroactively made a relationship.

Agency by Estoppel

this is when the principal creates a scenario that makes it look like you are his agent, even though you are not, and others would perceive you as his agent, you are estopped from denying this agency relationship.

By operation of the law

this is when the law recognizes/imposes an agency relationship. Parents are legally given the right to act as agents for their children, simply because the law says so. Sometimes, spouses also have that relationship, as given by the law. Sometimes, the law changes that relationship in times of emergency. For example, the fired department doesn't need to sow ID to get into a building since it is an emergency.

What are the different types of authority an agent has?

Actualauthority -

Apparent authority

Implied authority

express authority

Define actual authority.

actual authority arise from a manifestation by principal to agent that agent is empowered to act as principal's representative

Define apparent authority.

This isan authority without the consent or agreement of the principal.

How is an agent given their authority?

Actual authority is created by the principal's manifestations to the agent, whereas apparent authority is created by the principal's manifestations to a third party.

What are the different types of liability an agent has?

The different types of liability an agent has include;

Personal Liability

Liability to third party

Liability to principle

Explain the concept of "fiduciary duty."

A fiduciary responsibility is a legal obligation to behave in another's best interests.A board member of a company owes a fiduciary duty to the shareholders, a trustee owes a fiduciary duty to the beneficiaries of a trust, and an attorney owes a fiduciary duty to a client.

Business Structures:

What are the three most common ways to structure a business?

Sole proprietorship

partnership

corporation

What are the relative advantages and disadvantages of each?

Advantages of sole proprietorship.

Sole proprietorships are easy to establish.

You can protect the name of your sole proprietorship.

There's no limit to the number of people you can hire.

Personal liability.

disadvantages

No liability protection.

Unlimited liability.

Might suffer due to inadequate leadership skills

Advantages of partnership

What is a dividend?

Access to more capital

Shared control responsibility

Improved decision making

Disadvantages of partnerships.

Liabilities sine partners share losses, as well as responsibility for any debts, even if they are incurred by the other partner. ...

Loss of Autonomy. .

Advantages of corporations

personal liability protection,

business security and continuity,

and easier access to capital.

Disadvantages of corporations

rigid formalities and protocols to follow.

Corporations are subject to double taxation.

What are the various kinds of liability faced by each business structure?

Sole proprietors have unlimited personal liability. There is no legal distinction between the owner and the business.

In unlimited partnership allpartners a is liable, jointly with all the other partners and also severally, for all acts of the firm done while he is a partner.

What is a limited partnership? What is a Limited Liability partnership?

Compare and contrast the different types of partnerships. What are the differences of each in terms of the liability of the partners?

What is the key distinguishing feature of a corporation?

How do corporations end?What does "winding up" mean in relation to a corporation? Who gets their money out of the corporation first if the assets of the corporation are liquidated/sold? common shareholders or preferred shareholders?

What is a public corporation? What is a private corporation? What is a closely held corporation? What is a widely held corporation?

Who are the 3 major roles in a corporation? How do each of these 3 types of people get their authority? What are their respective duties towards the corporation?

What are shares? What are the different types of shares?

What is the most important feature of a preferred share?

Why is a voting right important in a corporation?

How do corporations come into existence? What documents are needed to form a corporation? What are some considerations to take into account when naming your corporation?

What is the liability of a corporation? What are the liabilities of its directors? Officers? Shareholders?

What are some of the remedies shareholders have against a corporation?

Property:Real, Personal, and Intellectual

REAL PROPERTY is land and anything permanently affixed to the land (fixtures). What is the test to determine if property is a fixture?

Compare and contrast the different possessory interests in land:

Fee Simple- biggest possessory interest in property you can have (ownership); (indefinite in terms of time)

Life Estate- possessory interest for use of property until death (ends at death; reverts to testator or remainder men)

Leasehold Estate- fixed period of time - term or periodic leases (possessory interest ends with lease or notice);

What are some of the common limits on "ownership" of land?(Hint: they're the 'lesser interests' in land.)

What is an easement? The right to use another person's land for a stated purpose. It can involve a general or specific portion of the property. Easements can be registered on title.

What is a restrictive covenant? A condition imposed by the seller as to the uses the buyer can make of the land (ie: you must have at least 4 windows that face the street, you must not have a chain link fence etc.)

What is the system of land registration in Alberta? How does it work? The Registry system (the Torrens System).In Alberta you register certificates of title at the LAND TITLES office.

What are the different methods of 2 or more persons owning property together? Describe them.

Joint Tenancy:(right of survivorship) - if one party dies, the other party automaticallygets the property (usually between family members)

Tenancy in Common: (each party owns his/her share independently and can sell, rent,will etc. as the case may be - mostly used in business deals)

PERSONAL PROPERTYis everything that isn't land (or a fixture)!

What is the legal term for tangible personal property? (chattel)

Explain the difference between tangible personal property and intangible personal property.

INTELLECTUAL PROPERTYrights seek to financially reward authors/inventors/creators while balancing the interests of increasing the IP that ends up in the public domain.

What is intellectual property? What are the three main types of intellectual property? (Copyright, Patents and Trademarks)

How does copyright arise? What must an author do to get copyright?

How do patents arise? What can be patented?

What is an industrial design? What does it protect?

What is a trade secret? How are Trade Secrets protected?

Sale of Goods

What is the purpose of the Sale of Goods Act? Can you contract out of the Sale of Goods Act?

What is a "good" for the purposes of the Sale of Goods Act? What types of property are not covered by the Sale of Goods Act?

Will the Act apply to the sale of a mixed good and service?

Why does it matter who has title? How does the Sale of Goods Act imply who has title? What are the 5 rules to determine who has title?

What is an unascertained good?

What are some implied terms of the Sale of Goods Act?What are 2 warranties in the Sale of Goods Act?

If you bought a good by description, does the good actually have to match that description? What if you bought the good because you like the sample? Do the goods have to match the sample?

Priority of Creditors

What is the difference between a secured creditor and an unsecured creditor? What is a preferred creditor?

What is collateral?What is a security interest?

Who is the secured party? What is a debtor? What is a creditor?

What is a security agreement?

What remedies does a secured creditor have?What remedies does an unsecured creditor have?

How is the priority of secured creditors in LAND determined? How is the priority of secured creditors in PERSONAL PROPERTY determined?

What is "perfection" in relation to creditor and debtor law?

Where should you register a security interest in personal property? Where should you register a security interest in real property?

What kind of priority does a Purchase Money Security Interest (PMSI) have?

Are all security interests in personal property required to be registered at the Personal Property Registry? What happens to the priority of a creditor who doesn't register their security interest at the PPR?

What remedies are available for creditors in "consumer type situations"? What remedies are available for creditors in "commercial type situations"?

Guarantees: Written commitments where a guarantor agrees to pay the debtor's debt if he/she defaults. To be enforceable in AB, the guarantee must be in writing; the guarantor must appear before a notary public and acknowledge that he/she signed the guarantee and he/she must sign a certificate which is then attached to the guarantee.

What's the difference between a guarantor and a co-signer? A co-signer is a debtor and a party to the contract (privity of contract). A guarantor is not a party to the contract.The Guarantor's responsibilities for the debt are conditional and arise only in the event of default by the debtor.

What are commercial and consumer proposals? How could they help a debtor stay out of bankruptcy?

What is the job of the trustee in bankruptcy?

What are the two ways that a debtor can go into bankruptcy? (voluntarily by assignment, or involuntarily by petition)

What is the purpose of the Bankruptcy and Insolvency Act? Is bankruptcy the same all across Canada?

What is the priority of creditors in bankruptcy? (secured, preferred then unsecured)

What/who is a preferred creditor?

Is a bankrupt allowed to transfer property to another person in order to avoid losing the property to creditors?

What debts survive (are not discharged by) bankruptcy?