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).

1.Does consideration have to be fair?

2.Explain the difference between offer and invitation to treat. Give an example of each.

3.What must be proven in every case order to have a contract set aside for misrepresentation?What are the different types of misrepresentation and what are the damages for establishing each type?

4.Explain the difference between the standard of care that is applied to average members of society and the one that is applied to persons who have specialized training (like doctors or lawyers).

5.Under what circumstances can an employee be dismissed without notice?

6.When an employee is terminated without cause and you have offered pay in lieu of notice, why should you give the terminated employee time to consider the amount of pay before requiring them to sign a waiver?(NOTE: the waiver you ask them to sign is the terminated employee agreeing not to sue the employer for more pay-in-lieu-of-notice in exchange for the actual pay-in-lieu-of-notice set out in the waiver) HINT: think about undue influence here.

7.What is "constructive dismissal"?

8.Explain how human rights legislation applies to employment.

9.Distinguish between an agent's actual, implied and apparent authority. Explain why this distinction can be important from the agent's point of view.

10.Agents owe a fiduciary duty to their principles. What are the requirements of that duty?

11.Identify at least 3 benefits of the sole proprietorship approach to doing business.

12.Are partners liable for each other's debts and obligations? What is the legal reason for this?

13.What are the ways that a partnership can come into existence?

14.What must be done in order to set up a limited partnership? What must NOT be done by a limited partner if they wish to retain limited liability?

15.List 3 benefits to doing business as a corporation.

16.Explain how the liability of shareholders is limited.

17.How can a corporation be ended?

18.What is meant by "preferred share? How does being a preferred shareholder affect your priority to be paid out in the event that the corporation is wound up?

19.Explain the purpose a unanimous shareholders agreement.

20.What is meant by a fee simple in land?

21.Identify at least four ways in which legal restrictions can be placed on the way an owner uses her land.

22.What is the main purpose of the Sale of Goods Act?

23.If the contract for a sale of good is silent on when title transfers, explain the rules that will imply when title transferred.(Why do we care when title transferred?)

24.What kinds of property can be used as collateral under the PPSA?

25.How is priority of creditors with secured interest in personal property determined? What is the exception?

26.Explain the role of the trustee in bankruptcy.

27.What is the priority of creditors in bankruptcy?

Multiple Choice Quesions:

When an agent acts for a principal to enter a contract with a third party, the parties to the contract thus formed are

The principle and the agent

The principle and the third party

The agent and the third party

The principle, the agent and the third party

All of the above

An agent's actual authority is

1)

created when the principal acts such that third parties reasonably conclude that an agency relationship exists

2)

the power that an agent appears to have because of conduct or statements of the principal

3)

the power that an agent derives from either express or implied agreement with the principal

4)

inferred from the position the agent occupies

A shareholder is

1)

a person who has an ownership interest in a corporation

2)

a business carried on by two or more persons with the intention of making a profit

3)

a person elected by shareholders to manage a corporation

4)

a person elected by directors to manage a corporation

5)

a division of profits payable to shareholders

A closely held corporation is

1)

a corporation that does not sell its shares to the public

2)

a corporation whose shares are normally traded on a stock exchange

3)

a corporation that does not engage in active business

4)

the shares that a corporation is permitted to issue by its constitution

5)

a document that shows the result of a search for business

Corporate approaches to raising money without borrowing include

1)

obtaining loans

2)

issuing shares

3)

issuing bonds

4)

issuing debentures

5)

none of the above

The criteria for distinguishing between an employee and an independent contractor do not include

1)

the rate of pay

2)

the degree of control exercised by the employer

3)

the ownership of tools

4)

the chance of profit and risk of loss

5)

the degree of integration in relation to the business

Factors considered in determining what is a reasonable period of notice of termination of employment do not include

1)

the employee's financial needs

2)

the employee's age

3)

the employee's length of service

4)

the employee's position in the company

5)

the availability of employment with other employers

A wrongful dismissal suit may arise when

1)

an employee is dismissed for just cause and claims there was not just cause

2)

an employee is given notice of dismissal and claims the notice was inadequate

3)

an employee claims that he has been constructively dismissed

4)

all of the above

5)

none of the above

If Niles and Frasier buy a "fee simple" interest, which of the following is true with regard to their rights?

1.They can sue an airplane for trespass for flying at 30,000 feet over their property.

2. Their right to the area above their land is restricted to that part of it they can make use of.

3. The maxim "to whomsoever the soil belongs, he owns also to the sky" remains unchanged and is as valid today as ever.

4. They have rights to the area under their land as well, including the mineral rights.

5. In law, they are entitled only to the surface of the earth within the boundaries.

Which of the following is/are true with regard to the copyright law in Canada?

1. Generally, the term of copyright is fifty years.

2. A Canadian author must register upon the creation of her book, in order to acquire copyright protection.

3. An author need not register under the Copyright Act to acquire copyright.

To which one of the following would the Sale of Goods Act apply?

1. A contract for the sale of a ranch

2. A contract for the sale of tangible personal property

3. A haircut at the local hairstylist

4. A contract for the purchase of a house

Which of the following is false with regard to "property"?

1. Real property includes "fixtures."

2. Real property consists of land but does not include the buildings on that land.

3. Personal property includes chattels.

4. Both real and personal property can be given as security to a creditor.

5. Personal property includes intangible rights.

Which of the following is a goal of the Bankruptcy and Insolvency Act?

1. Helps incorporated companies after discharge to carry on without the same burden of debt

2. Determines process by which debtors convey their assets to a trustee in bankruptcy who distributes them to the creditors

3. Provides alternative to criminal charges

4. Protects the interests of debtors.

5. Allow persons with impossible burdens of debt to discharge all of their debts