Question 14

Who is entitled to seek a remedy under the Sale of Goods Act?

		Those parties with privity of contract
		Any third party who has suffered a loss as a result of the breach
		Anyone who has suffered loss in excess of $500,000
		Anyone who has suffered loss, provided the loss is below $500,000

Question 15

As a general rule you should always buy insurance.

		True
		Don't choose this. It's true. Have you learned nothing?

Question 16

The rights of share ownership differ according to the type of shares that the shareholder wants/are available, and the terms of any shareholders' agreement that may exist.

		True
		False

Question 17

A corporation loses its protection of limited liability when:

		It files for bankruptcy
		It is taken over by activist shareholders.
		The court lifts the corporate veil.

Question 18

A value of a corporate share is determined solely by market forces.

		True
		False

Question 19

The Competition Act is the provincial act that, in part regulates mergers and prevents monopolies.

		True
		False

Question 20

A "broadly held" corporation offers shares to the public.

		True
		False

Question 21

An innocent party will claim estoppel when:

		A party is prevented from entering a contract because of lack of capacity.
		A party ceases to carry out its contractual obligation.
		A third party has relied on a false representation to his detriment.

Question 22

A derivative action is one in which corporate directors may be removed by shareholders

		True
		False

Question 23

Consumer protection law is much narrower in scope than sale of goods law.

		True
		False

Question 24

Identity theft is a criminal offence.

		True
		False

Question 25

Using a limited liability partnership is the best method for raising capital from a silent investor.

		True
		False

Question 26

Which of the following is considered a criminal rate of interest?

		30%
		50%
		40%
		60%

Question 27

Shareholders in a corporation are the owners of the corporation's assets.

		True
		False

Question 28

Limited Liability Partnerships are available to any group of partners who want to limit their liability within the partnership.

		True
		False

Question 29

In order to be legal and binding, an agency agreement must be in writing.

		True
		False

Question 30

As corporations are separate legal entities, directors are shielded from personal liability.

		True
		False