questions

Question 55 (1 point)

Adams, a creditor of Brown, threatened to sue Brown for an overdue debt. Brown's friend Cox then promised to pay Brown's debt to Adams if Adams would refrain from suing Brown, and Adams agreed. if Cox failed to pay Adams as agreed, and Adams sued him for breach of contract, she would:

A be guilty of breach

B fail

C succeed

D seek restitution

Question 56 (1 point)

Private Corporations:

A. almost always have at least 3 directors

B. almost always restrict the transfer of shares

C. almost always have freely transferable shares

D. almost always have bonds

Question 57 (1 point)

If a debtor becomes insolvent:

A. general and secured creditors share ratably

B. general creditors are paid first

C. general and secured creditors share equally

D. secured creditors are paid first

Question 54 (1 point)

A party to a contract who entered into the contract by way of undue influence may claim:

A. specific performance

B. quantum merit

C. rescission

D. damages

Question 52 (1 point)

In order to subdivide a piece of land the owner must:

A. sign a deed or transfer

B. obtain federal approval

C. obtain provincial approval

D. none of the above

Question 53 (1 point)

A clause in a mortgage that states that the total of principal and interest falls due and payable in a default is:

A. called the term of the mortgage

B. amortization period

C. called an acceleration clause

D. a maturity date

Question 50

A default in a mortgage occurs:

A. when a monthly payment is made

B. when the last payment is made

C. when the first payment is made

D. none of the above

Question 51 (1 point)

All business corporations must have:

A. preferred shares

B. bonds and debentures

C. bonds

D. some kind of shares

Question 47 (1 point)

Past consideration:

A. is no consideration

B. is a form of fresh consideration.

C. amounts to a breach of a major term of a contract

D. must be in writing

Question 48 (1 point)

A mortgage in the Land Titles Registrations System is called:

A. transfer

B. charge

C. contract

D. a deed

Question 49 (1 point)

To qualify for recovery, damages must:

A. be foreseeable to the parties at the time of the breach

B. be foreseeable to the parties at the time the contract is formed

C. a major breach of contract

Question 45 (1 point)

The acceptance of an offer to purchase in a real estate transaction creates:

A. a mortgage

B. an Agreement of Purchase and Sale

C. Adeed

C. a transfer

Question 45 (1 point)

The acceptance of an offer to purchase in a real estate

A. a mortgage

B. an Agreement of Purchase and Sale

C. a deed

D. Transfer

Question 46 (1 point)

Concurrent holders of land each of whom have no right of survivorship is called a

A. tenancy in common

B. easements

C. joint tenancy

D. life estates

Question 44 (1 point)

A winding up is a court action requiring:

A. the liquidation of the corporation

B. the purchase of shares of the corporation

C. the removal of a director of the corporation

D. the amalgamation of the corporation

Question 42 (1 point)

Laura owns a home. Laura gets married to Brandon. As soon as Laura and Brandon begin living in a home together after marriage:

A. Laura becomes a tenant in common

B. Laura becomes a joint tenant

C. the home becomes Laura's

D. the home becomes Brandon's matrimonial home

Question 43 (1 point)

A guarantee:

A must be in writing

B. is enforceable

C. none of the above

D. need not be in writing

Question 40 (1 point)

An unilateral offer is:

A. a contract

B. an offer of a promise in return for an act

C. an invitation to treat

D. not an offer at all

Question 41 (1 point)

The fee simple is:

A. as close to complete ownership as the law allows

B. Adverse Possession

C. a Charge

D. a Life Estate

Question 38 (1 point)

Preferred shareholders:

A. rank ahead of common shareholders on a liquidation

B. rank ahead of secured bondholders on a liquidation

C. Rank ahead of unsecured bondholders on a liquidation

D. aren't entitled to dividends

Question 39 (1 point)

If a party to a contract is the victim of an Innocent misrepresentation he or she may:

A. sue for rescission of the contract

B. sue for specific performance

C. sue for damages

D. sue for an injunction

Question 37 (2 points)

ABC Ltd. is insolvent. It has $500,000.00 in assets to be distributed to the security holders. What is the order of payment of its security holders:

A. preferred shareholders, then general creditors, then secured creditors

B. common shareholder, then secured creditors,

C. preferred shareholders, then general creditors, then any surplus to the corporation

D. None of the above

Question 36 (1 point)

The famous corporate case Salmon v. Salmon & Co Ltd. stands for the legal principal that:

A. a shareholder owes no duty to other shareholders

B. the corporation is a distinct separate legal personality from the shareholders of the corporation

C. a director is a creditor of the corporation

D. a shareholder owes no duty to the

Question 35 (1 point)

A covenant requiring the owner of the land to refrain from certain conduct or certain use of land is called:

A. a right of way

B. a restrictive covenant

C. an easement

D. adverse possession

Question 34 (1 point)

Voluntary transfers of land does not include

A. adverse possession

B. a transfer

C. a gift

D. a deed

Question 33 (2 points)

Sally and Bob have just entered into a contract to buy a house. In order to finance the purchase, they signed a mortgage for $300,000.00 on June 1 with a local Property Bank that registered the mortgage on June 12. To furnish the house, they took out another mortgage with Up-Town Credit Union for $25,000.00. This mortgage was signed on June 9 and registered the same day. Unknown to the other two lenders, Sally and Bob took out a third mortgage with a friend, Jim for $25,000.00 on June 5, which was registered on June 11. What is the order of propriety of the mortgages

A. Jim, Property Bank, Up-Town Credit Union

B. Property Bank, Jim, Up-Town Credit Union Property Bank,

C. Up-Town Credit Union, Jim Up-Town Credit Union, Property Bank, Jim D. Up-Town Credit Union, Jim, Property Bank

Question 32 (1 point)

Which of the following is considered an Offer:

A. I swear to pay you $100 tomorrow

B. I'll pay you $100 if you skate around the rink 10 times

C. I'll give you $100 at the end of the class

D. I'll pay you $100

Question 31 (1 point)

The right of the mortgagee to exercise a Power of Sale is:

A. a court action

B. found in the mortgage itself

C. contained on title insurance

D. found in the deed or transfer