Please briefly answer the following CANADIAN CORPORATE AND COMMERCIAL LAW questions WITHOUT the use of ChatGPT (this does not produce accurate answers)

Q1.

On March 1, Classic Books Inc. (Classic) received an offer from a book publisher, Idle Publications Ltd. (Idle), to obtain its entire stock of a new detective book "The Vengeful Law Clerk". The owners of Classic realized that this would make Classic the only supplier of this book which Classic feels will be a best seller. The purchase price was $20,000. Unfortunately Classic does not have the money to purchase the books.

On March 2, Classic approached its bank, The Merciless Bank, (Merciless) to borrow the money. Merciless agreed to loan money to Classic to enable Classic to purchase the books. Merciless advanced the money to Classic on March 3 and registered notice of its PMSI under the PPSA at 3:25 pm on March 2. Classic was in financial difficulties and used $15,000 of the loan of $20,000 from Merciless to pay some of its outstanding bills.

Classic contracted with Idle to purchase the books on credit.When the books were delivered on March 3, Classic paid $5,000 with the balance due in 30 days. Idle registered the notice of its PMSI under the PPSA at 3:20 pm on March 2.

Assume both Merciless and Idle sent out written notices, where required.

The Vengeful law Clerk did not turn out to be a best seller and Classic was forced out of business.Now the parties are in a priority dispute.

Briefly answer...

1. Does Classic have a PMSI?Why or why not.
2. Does Merciless have a valid PMSI?Why or why not.
3. Does Idle have a valid PMSI?Why or why not.
4. Who ranks first in a priority dispute, Merciless or Idle?Why?

Q2

Dazzling Musical Equipments Ltd. requires $500,000 of debt financing to finance expansion of its plant, but it also has a lot of assets, including the following:

Cash $ 25,000

Inventory$125,000

Machinery$ 75,000

Securities (comprised of many shares of ABC Corp.)$100,000

List three types of security agreements and the corresponding collateral for each, available to the lender in this situation.

Q3

Amelia's luck has changed!Laid off from her job with no savings in the bank, she just inherited $1 million from her long-lost Uncle Scrooge and is considering her options to invest her inheritance.She has heard of a promising tech company called "Tech Solutions Inc." that is looking for financing to pay for its operations in a competitive market.

Identify 3 disadvantages to Tech Solutions Inc. of selling shares to Amelia rather than borrowing the money from her.

Q4

On June 21, 2023, Money Bank agreed in writing to loan Dire Straights Ltd. $150,000 to finance the purchase of inventory.As security for the loan, the Bank agreed to take a chattel mortgage against the equipment.The Bank registered its security interest on June 22, 2023.On June 24, 2023, the Bank advanced the money, and the equipment was delivered to the company.Identify how and when (the exact date) Money Bank'ssecurity interest under the Personal Property Security Act (PPSA) is:

1. created,
2. attached, and
3. perfected.

Q5

Dean has invented new weightless, electronic luggage, allowing a user to easily maneuver their suitcase over any terrain with minimal effort.He is very excited about it, since it has a shape and appearance unlike any existing luggage on the market.Furthermore, unlike other products of this kind, the luggage's charging mechanism can be used to charge any electronic devices.The product features are all explained in the accompanying user's manual.

Dean is considering an intellectual property strategy.Discuss what intellectual property protectionsare available to Dean in this case.Identify and briefly explain your choice(s).