QUESTION 1

The formal requirements of negotiable instruments include each of the following except

they must be in writing and signed by the creator or drawer.

there must be an unconditional obligation to pay a fixed amount of money.

they must indicate a specific time when payment is due.

they must indicate whether the payment is for money or assets.

they must be a transfer of the whole obligation.

QUESTION 2

Reinstatement is more common as a remedy for wrongful dismissal of unorganized employees as opposed to those under collective agreements.

True

False

QUESTION 3

A's building is insured by B Co. under a standard policy that covers all loss occasioned by fire. A's business is not doing well, and A figures that if his building is destroyed by fire, he can put part of the insurance proceeds into his business to keep it running. One evening, A starts a fire in his building that subsequently destroys it. In this case,

the insurance company is bound to pay the proceeds of insurance to A.

the insurance company is not bound to pay the insurance proceeds at all.

the insurance company is not bound to pay the proceeds of insurance to A, but must pay it to A's family.

the insurance company is bound to pay the insurance proceeds to A's business.

none of the above

QUESTION 4

While A is staying in a hotel, A's room is broken into and her jewelry is stolen. The hotel provided state of the art security and the latest and most secure locks on all guest room doors. If A sues the hotel, at common law,

A will not succeed because A cannot show negligence on the part of the hotel or its employees.

A will only succeed by way of a quantum meruit claim.

A will not succeed because the hotel's duty is only to take reasonable care of the belongings of its guests.

A will succeed because innkeepers are liable for loss or theft of their guests' belongings.

all of the above

QUESTION 5

John Jones applied for a patent for his new invention in May 1992 and the patent was granted in 1994. The patent will expire in

May 2007.

May 2015.

May 2010.

50 years after John's death.

May 2012.