QUESTION 1

1. A company can:
3. Own assets
5. Enter contracts
7. Sue others
9. All of the above

1.4 points

QUESTION 2

1. Which of the following is NOT part of a shareholder's responsibilities?
3. Elect directors
5. Provide capital to company
7. Vote on major changes in the company
9. Act in the best interest of the company

1.4 points

QUESTION 3

1. The test for breach of fiduciary duty for directors is:
3. Would a reasonable person with the same knowledge and experience of the director have made the same decision?
5. Did the decision lead to a loss for the company?
7. At the time the decision was made, were there any reasonable grounds to believe that the decision is in the best interest of the company?
9. Was there an alternative decision that would not have led to the loss?

1.34 points

QUESTION 4

1. Which of the following could lead to a derivative action under company law?
3. Directors pay themselves excessive salaries with the support of the majority shareholder, but against the wishes of the minority shareholder
5. Directors make a bad decision that could have been avoided by first reviewing the company's financial situation.
7. The majority of directors decide to set-up a company that will compete with the company in which they are directors.
9. All of the above

1.34 points

QUESTION 5

1. Which of the following could potentially be "oppressive" under the oppression remedy for shareholders?
3. A company pays dividends to the majority shareholder, but not minority shareholder
5. A company pays dividends to owners of preferred shares, but does not even consider issuing dividends to common shares
7. The directors of a company issues new shares to reduce the influence of an existing shareholder
9. All of the above

1.34 points

QUESTION 6

1. Which of the following is true about a derivative action?
3. It allows any shareholder to sue the company for violating any of the shareholder's rights
5. It allows the company to sue any shareholder for breach of the company's articles
7. It allows the company to sue any shareholder for breach of duty
9. It allows any shareholder to bring a claim against the directors of the company for breach of duty

1.34 points

QUESTION 7

1. The purpose of securities regulations is to:
3. Protect investors
5. Maintain confidence in the capital markets
7. Maximize investor profits
9. a) and b)

1.34 points

QUESTION 8

1. Patents are valid for:
3. 15 years
5. 20 years
7. 50 years
8. Life of inventor

1.34 points

QUESTION 9

1. Ramon develops a new computer game for his employer, Software Ltd. Who owns the copyright to the game?
3. Ramon
5. Software Ltd.
7. Whoever buys the game
9. Both Ramon and Software Ltd.

1.33 points

QUESTION 10

1. Which of the following is NOT true for trademarks?
3. They can be created under common law
5. They must be unique
7. They give owner exclusive right to use them
9. They cannot be renewed

1.33 points

QUESTION 11

1. Which of the following would NOT be permissible trademark for milk?
3. "Will make you live for ever"
5. "White liquid"
7. "White gold"
9. "Good for you!"

1.33 points

QUESTION 12

1. Bob records someone doing a hilarious dance routine. He uploads it to YouTube, where it instantly goes viral. Bob has now received cheque from YouTube. Who gets the money?
3. Bob
5. Neither
7. Both
9. The dancer

1.33 points

QUESTION 13

1. Which of the following is true for moral rights in copyright law?
3. They only apply as long as the creator owns the copyright of the work protected
5. They protect the creator's honour and reputation
7. They only apply to paintings
9. None of the above

1.33 points

QUESTION 14

1. A YouTuber shows a video clip without permission and then criticizes it. Is this permitted under the fair dealing exception?
3. Yes
4. No

1.33 points

QUESTION 15

1. Microsoft has found out that someone is selling fake digital copies of Word and Excel. The sales have now stopped. What is the best remedy for Microsoft?
3. Injunction
5. Delivery up
7. Damages
9. Accounting

1.33 points

QUESTION 16

1. Which of the following does NOT accurately describe the liability of partners in a regular partnership?
3. Liability is unlimited
5. Liability is limited to capital invested
7. Liability is collective
9. Liability is personal

1.33 points

QUESTION 17

1. Claire and Solomon are partners in a regular partnership. The partnership agreement states that only Claire is liable for the debts of the partnership. The partnership has now failed to pay a large bill. Who can the creditor sue for compensation?
3. Both partners, but creditor must sue Claire first
5. Only the partnership is liable, not the partners
7. Claire
9. Both partners

1.33 points

QUESTION 18

1. Which of the following is NOT a potential source of personal liability for partners in a limited liability partnership?
3. Breach of contract by partnership
4. Negligence of a partner
5. Negligence of an employee of partnership
6. All of the above

1.33 points

QUESTION 19

1. Joe and Rodriguez are partners in a Limited Liability Partnership (LLP). Joe has acted negligently when working on a client file, causing significant losses to the client. Who is personally liable for the losses:
3. Only Joe
5. Both Joe and Rodriguez
7. Only Rodriguez
9. Neither Joe nor Rodriguez

1.33 points

QUESTION 20

1. Robert sells computers acting as an agent for Steve, who is the owner of the business. Steve has told Robert to get authorization from him for discounts that are more than 10% of the advertised price. Robert just sold a computer with a discount of 20% without first consulting Steve. Which of the following is true?
3. There is no contract
5. There is a valid contract between Robert and the buyer
7. The buyer must pay 10% more
9. There is a valid contract between Steve and the buyer

1.33 points

QUESTION 21

1. Which of the following is NOT a common law duty of agents?
3. Exercise authority personally
5. Always act in the best interest of the principal
7. Forward any money received to the principal
9. Always act in the best interest of the third party

1.33 points

QUESTION 22

1. Based on the legal definition of land, is a yard fence considered part of land?
3. Yes
5. No

1.33 points

QUESTION 23

1. The owners of Lot 1 and 2 want to share a driveway such that part of the driveway will be located on Lot 1 and part of the driveway will be located on Lot 2.What is the name of this interest in land?
3. Easement
5. Restrictive Covenant
7. Fee simple
9. Lease

1.33 points

QUESTION 24

1. Bob has entered an agreement in which he has agreed not to grow any trees on his property. This agreement is best described as:
3. An easement
5. A restrictive covenant
7. A mortgage
9. A Fee simple

1.33 points

QUESTION 25

1. Who makes regulations?
2. The executive branch
3. The legislative branch
4. The judicial branch
5. All of the above

1.33 points

QUESTION 26

1. Which of the following is NOT true about a lease?
3. It is based on contract law
5. It must be for a specified length of time
7. It can only be created in writing
9. It gives the tenant an exclusive right to occupy the property

1.33 points

QUESTION 27

1. Bob enters a contract with his father.It states Bob can purchase his father's car for $1000 after he graduates from UFV.The actual value of the car is $5,000. Is this a valid contract?
2. Bob's father can choose if there is a contract or not.
3. Yes,because it meets all the requirements for a valid contract.
4. No,because contracts cannot relate to future events.
5. No,because it does not meet all the requirements of a valid contract.

1.33 points

QUESTION 28

1. Steve is looking to buy a used car.He believes that it is accident free. To be sure, he asks the dealer if the car is accident free. The seller says "yes". Steve later finds out that the car had a previous accident. What is the most relevant area of law in this situation?
2. Misrepresentation
3. Misunderstanidng
4. One-sided mistake.
5. Shared mistake

1.33 points

QUESTION 29

1. A business wants to dismiss an employee who has been doing a good job. The employment contract is silent about notice periods. Based on this information, how much notice should the employee receive?
2. The employer can dismiss the employee without notice
3. Notice period under the Employment Standards Act
4. The employee cannot be dismissed
5. Reasonable noticeunder common law

1.33 points

QUESTION 30

1. Jane is delivering goods to Bob under a contract. Bob has already paid for the goods. Due to snow, Jane is unable to deliver the goods and cancels the contract. Which of the following is true in this case?
2. Jane is in breach of contract
3. Jane is not in breach of contract

1.33 points

QUESTION 31

1. Agents owe their duties to both the principal and the third-party.
2. True
3. False

1.33 points

QUESTION 32

1. A principal can agree to be a party to a contract that was made by an agent without authority, even if the other party to the contract objects to this.
2. True
3. False

1.33 points

QUESTION 33

1. The agency relationship ends when the principal loses capacity.
2. True
3. False

1.33 points

QUESTION 34

1. In an oppression action, the plaintiff is the company.
2. True
3. False

1.33 points

QUESTION 35

1. A company can only be dissolved with shareholder approval.
2. True
3. False

1.33 points

QUESTION 36

1. Shareholders cannot also be directors.
2. True
3. False

1.33 points

QUESTION 37

1. A company is easier to set-up than a partnership.
2. True
3. False

1.33 points

QUESTION 38

1. The articles of a company set out the internal rules of the company.
2. True
3. False

1.33 points

QUESTION 39

1. Shareholders can agree in a shareholder agreement that any expenditure by the company worth more than $10,000 requires approval by all shareholders.
2. True
3. False

1.33 points

QUESTION 40

1. The directors are the owners of the company.
2. True
3. False

1.33 points

QUESTION 41

1. In a derivative action, the plaintiff is the company.
2. True
3. False

1.33 points

QUESTION 42

1. Unless agreed otherwise, a partner can be removed by a 2/3 majority vote of other partners.
2. True
3. False

1.33 points

QUESTION 43

1. A partner could be personally liable for the debts of a partnership even if he/she is no longer a partner.
2. True
3. False

1.33 points

QUESTION 44

1. One of the factors for the fair dealing exception in copyright is how much of the work is used.
2. True
3. False

1.33 points

QUESTION 45

1. The fair dealing exception under intellectual property law only applies to non-commercial uses.
2. True
3. False

1.33 points

QUESTION 46

1. The remedy of "delivery up" allows the owner of IP rights to collect the money earned by the party breaching the IP rights.
2. True
3. False

1.33 points

QUESTION 47

1. Intellectual property disuptes are heard by the BC Supreme Court.
2. True
3. False

1.33 points

QUESTION 48

1. Intellectual property rights can only be protected within Canada.
2. True
3. False

1.33 points

QUESTION 49

1. In a joint tenancy, each joint tenant owns a separate interest in the property.
2. True
3. False

1.33 points

QUESTION 50

1. In the land title system, the government guarantees that the information on a land's title is accurate.
2. True
3. False

1.33 points

QUESTION 51

1. A mortgage is an example of an interest in land.
2. True
3. False

1.33 points

QUESTION 52

1. In order to sell a home through foreclosure, a court order is necessary.
2. True
3. False

1.33 points

QUESTION 53

1. Easements must be registered to be enforceable against future owners.
2. True
3. False

1.33 points

QUESTION 54

1. The remedy of re-entry allows the landlord to seize any assets held by the tenant on the property and keep them as security for unpaid rent
2. True
3. False

1.33 points

QUESTION 55

1. The right to quiet possession means the tenant must be able to use the property for its usual purpose.
2. True
3. False

1.33 points

QUESTION 56

1. Minors cannot enter legally binding contracts.
2. True
3. False

1.33 points

QUESTION 57

1. An acceptance made by e-mail is communicated when it is read by the other side.
2. True
3. False

1.33 points

QUESTION 58

1. A misrepresentation exists when each side to a contract has a different interpretation of a contractual term.
2. True
3. False

1.33 points

QUESTION 59

1. To be valid, a notice period agreed in an employment contract must be at least as long as the notice period under common law reasonable notice to which the employee would be entitled at the time of dismissal.
2. True
3. False

1.33 points

QUESTION 60

1. Donoghue v Stevenson created the test used in negligence to determine breach of duty.
2. True
3. False

1.33 points

QUESTION 61

1. Steve and Tamara are planning to work together on a project. Steve will use his importing experience to buy goods at low cost from China. Tamara will use her retail experience to set up and manage a retail store. To cover the initial expenses of setting up the business, each will provide $5000. After deducting all the costs of importing and selling the goods, they plan to share any remaining profits, with Steve receiving 2/3 and Tamara receiving 1/3. Steve will visit Tamara once a month, so they can discuss their business activities. Because both are currently very busy, they decide to wait a few months before they start working on the project. Is there a partnership between the two? Make sure to firstlist and briefly explainthe five legal requirements for creating a partnership beforeapplying all ofthemto the facts.