What is the difference between tenancy in common versus joint tenancy? a. Right of survivorship under tenancy in common. b. There are 100s of differences, so select carefully, once you select one you cannot change the tenancy. c. Spouses split an interest in a house according to how much money they contributed to the house under joint tenancy. d. Under joint tenancy, when one spouse dies: there is no inheritance, and the property does not go through the estate, and there are no estate taxes, probate fees, or other expenses. ANSWER: XXX What statement is true related to mortgages? a.Equity of redemption gives mortgagee the right to redeem property. b.Short amortization periods but long duration. c. Typically involves the debtor borrowing money and giving the creditor a claim against her personal property as added security in the event of default. d.Mortgagor is the bank who gives rights to a creditor in exchange for financing. ANSWER: XXX All of these are expected elements of a sale of a home (ie., obligations), which the buyer can expect from the seller,except? a. Vacant possession. b. Quiet enjoyment. c. Repair of premises after sale. d. All promises / covenants duly and lawfully agreed and signed in the contract of purchase and sale. ANSWER: XXX All of the following are true statements related to the law of bailment,except? a.Gratuitous bailment when only one side receives benefit. b.Common carrier has duty of insurer. c.Bailees are not responsible for any negligent or fraudulent acts of their employees that cause injury or damage to the goods. d.Bailment for valueboth parties receive benefit. ANSWER: XXX Protection of the environment in Canada involves what areas of environmental protection, which when the business world strives to protect, brings up issues related to commercialization (ie., making money) versus protecting the land as our home. a.Air and water pollution. b.Climate change. c.Mining and logging. d.All of the above. Commercial Transactions (Mini Problem Q) 1,How is the priority of secured parties determined (2 marks)? What are two exceptions to this general approach? ANSWER: XXX 2,Distinguish between chose in action versus promissory note versus bill of sale, including using an example of each? ANSWER: XXX 3,List 6 statements that are true of builder's lien, including using examples of when / how a builder's lien arises (do not repeat same statements and or examples, just by using slightly different language)? ANSWER: XXX 4,Explain the purpose and application of the Sale of Goods Act? ANSWER: XXX 5,Related to the 5 rules concerning title and risk, mention 3 different types of transactions and when title and risk pass under each. ANSWER: XXX 6,Goods must be of merchantable quality and fit for purpose: advise a client who is sold a "lemon" when he she had bought a luxury car - what are his her rights and remedies in such situation. ANSWER: XXX 7,Any sub-topic in Business and Corporate Law Using any sub-topic, give a response similar to "discussion questions" assigned during lectures: How have the continuing changes in the world of the internet caused challenges for businesses conducted using the internet and transactions completed on the internet. Give examples. Discuss how the law has tried to respond. ANSWER: XXX 8,Business and Corporate Law, generally Using any sub-topic, give a response similar to "discussion questions" assigned during lectures: Explain two alternative dispute resolution methods, the pros and cons and include any examples from your personal life or from any examples cited during lectures, ie. the 11-hr. mediation in downtown Vancouver related to an estate litigation case (BUT do not discuss this same example). ANSWER: XXX