The declaration of dividends: * 1 point O is done by a resolution of the shareholders is done by a resolution of the majority of shareholders O is done by a resolution of the Board of Directions O is done by the accountant/auditor of the corporation The famous corporate case Salmon v. Salmon & Co Ltd. stands for the legal 1 point principal that: * a shareholder owes no duty to other shareholders a shareholder owes no duty to the corporation the corporation is a distinct separate legal personality from the shareholders of the corporation O a director is a creditor of the corporation A guarantee: * 1 point must be in writing need not be in writing is enforceable O none of the above 1 point An offer that can be accepted by performance without prior communication is: * a bilateral offer not an offer O an invitation to treat O a unilateral offer 1 point Using another person's land for a period of at least 20 years may give a landowner: * O a restrictive covenant a fee simple estate an easement by prescription O a life estate 1 point The classes and any maximum number of shares that a corporation is authorized to issue is: * contained in the Articles of Incorporation contained in the bylaws O contained in an ordinary resolution of the Corporation none of the above A default in a mortgage occurs: * 1 point O when a monthly payment is missed when the mortgagee gives a discharge when the last payment is made O when the first payment is made A mortgagee is: * 1 point the borrower O the debtor O the lender an unsecured creditor An officer of a corporation would be a: * 1 point director cleaning lady valet parking attendant O vice-president A person dies "testate" when: * 1 point he or she dies without signing a will O he or she dies without heirs he or she dies without a spouse he or she dies having signed a will 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: * Laura becomes a joint tenant Laura becomes a tenant in common the home becomes Laura's the home becomes Laura's matrimonial home Revocation of an offer to be valid must 1 point reach the offeree need only be attempted by the offeror reach the offeror none of the above If someone agrees to grossly inadequate consideration: * 1 point that is up to him, the courts don't generally assess the adequacy of consideration he can get out of the contract this is called past consideration this is a gratuitous promise 1 point A Inc. contracts to build an office building for land developer B. A Inc. runs into unexpected difficulties and informs B that it is thinking of abandoning the project. However, B has already leased out large parts of the building. If A Inc. abandons the job, B will lose valuable time finding another builder to complete the project and will be in breach of leases he had made. To avoid these difficulties, B offers to pay A Inc. an extra $500,000.00 in order to complete construction on time. A Inc. accepts and completes on the agreed date. B may: * not refuse to pay the extra $500,000.00 claim breach of contract and seek damages ask for recession refuse to pay the additional sum because he received no consideration for his promise to pay A gratuitous promise is: * 1 point O a promise that is enforceable a type of offer a promise made without bargaining for anything in return O supported by consideration Private Corporations: * 1 point almost always have freely transferable shares O almost always have at least 3 directors almost always restrict the transfer of shares almost always have bonds 1 point Brandon owns a large lot in a rural area. He wishes to subdivide it into 3 smaller lots. Brandon must: * sign a deed or transfer obtain approval from the municipality the land is in obtain federal approval none of the above Every business corporation: 1 point O must have bonds must have employees must have share capital O must have per value shares In a contract formed on the internet the consumer: * 1 point is the offeree is the offeror is the promisee O none of the above