1. Question 12
2. 1 Point
3. "Beautiful World Furnishing Co" is having its annual end of year sale. Late on Saturday afternoon, Michelle contracts to buy a new living room suite from the samples displayed on the floor and pays for it in cash. From the stock in the warehouse, a living room suite was to be delivered to Michelle on Monday. The parties never discussed which of them was to take the risk before the suite was delivered. On Saturday night "Beautiful World Furnishing Co" and all its furniture were destroyed by fire. When informed of the fire Michelle requests a refund of the money paid but "Beautiful World Furnishing Co" refused and stated that the Living room suite was hers at the time of the fire. Can Michelle successfully sue for a refund of her money?
5. Yes, title to the living room suite had not passed to Michelle at the time of the fire
6. No, because the living room suite was owned by Michelle once the contract was agreed on
7. No, because the actual living room suite had not been unconditionally appropriated to the contract
8. Question 13
9. 1 Point
10. The difference between a contract of sale and an agreement to sell is:
12. a contract of sale covers goods that are not yet identified and the agreement to sell covers goods that are specific
14. Contract of sale covers goods that have already been transferred to the buyer while an agreement to sell covers goods that are still in the possession of the seller
16. Contract of sale covers goods and agreement to sell covers services
17. Question 14
18. 1 Point
19. Mark invested $500,000 into the business. Mark was to receive a share in profits at the end of each financial year and would not have any input into how the business was run nor would he stand to lose anything more than his investment if the business incurred any liability. Mark is a
24. Salaried partner
25. Silent partner
27. Limited partner
28. Question 15
29. 1 Point
30. Which of the following would be considered a sale of goods contract?
32. A contract by Annie to purchase a 2020 Toyota Rav 4 for her daughter
35. A contract by Mr. Thomas with a contractor to install new window panes on his house after it was damaged by a severe storm
37. A contract between Mr. Smith the plumber and Mr. Wright for Mr. Smith to fix the leaks found in the piping system at his home
39. Question 16
40. 1 Point
41. Mark and Jack entered into a contract to purchase 40 bags of rice. Unknown to Mark the seller, at the time the contract was made, the goods were destroyed in a flood, the previous night. Under the Sale of Goods Act, this purported sale is:
44. unenforceable
45. voidable
47. void
48. Question 17
49. 1 Point
50. Theodore purchased an expensive new Tornado Z-10 computer to run his financial analysismodels on. Edwina was furious that the computer cost $250,000. Who is liable for the debtincurred?
52. The firm, because Theodore had implied authority to bind the firm by transactions
53. entered into by him in the ordinary course of business
55. Theodore solely, because he did not have express authority to bind the firm by the
56. transactions entered into by him in the ordinary course of business
57. Theodore solely, as he did not have apparent authority to bind the firm by transactions
58. entered into by him in the ordinary course of business
59. Question 18
60. 1 Point
61. The case of Donoghue v. Stevenson was decided by the Court:
63. Based on the law of tort for negligence
64. Based on the implied condition as to merchantable quality under the Sale of Goods Act
65. Based on the general principles of contract law
66. Question 19
67. 1 Point
68. Kingston Hi-Tech Limited has a contract for the sale of twenty television sets to Super-Hi Limited, delivery due at midday June 30. On the morning of June 30, the manager supervises the loading of the television sets into a truck for delivery to Super-Hi. After supervising the loading of the television sets, Kingston Hi-Tech manager goes to her office to have a cup of tea and listen to the morning News on the radio. An item in the News informs that Super-Hi Limited was insolvent. What is Kingston Hi-Tech Limited's legal position in respect of action that can be taken by Kingston Hi- Tech Limited:
71. Kingston Hi tech Limited has a right to a stoppage in transitu
75. Kingston Hi-Tech Limited can do nothing as the property in the goods has passed to Super-Hi Limited
76. Question 20
77. 1 Point
78. Which one of the following organisations has mandated registration?
82. A Company
83. A Sole Trader
84. A Partnership
85. Question 21
86. 1 Point
87. Kevin employed Derrick as a chauffeur to drive one of his fleet of cars. Derrick was Kevin's personal driver who drives him for his business and personal engagements. Which of the following best describes Derrick's contract with Kevin?
89. A contract of service
91. A contract for work and service
92. A contract for service
94. Question 22
95. 1 Point
96. Under the Partnership (Limited) Act:
99. there must be only limited partners
100. the general partner will be limited to the capital contribution to the partnership
101. there must be at least one limited partner and one general partner
102. Question 23
103. 1 Point
104. Under a contract for the sale of goods there is an implied warranty that:
106. In goods sold by sample, the bulk must correspond with the sample
108. The goods are free from a charge or encumbrance known to the buyer
109. The seller has the right to sell the goods
110. Question 24
111. 1 Point
112. When the surnames of the partners without any addition are not used in the partnership name, the partnership is required to be registered under
115. The Registration of Business Names Act
117. The Limited Partnership Act
118. The Companies Act
119. Question 25
120. 1 Point
121. If partners do not have an agreement with respect to the sharing of profits, the presumption is that:
123. The profits are shared in keeping with the percentage capital contribution
124. The profits are shared equally
125. The profits will be put back into the partnership