Canadian Business Law Exam Preparation Guide
Course Introduction
Canadian Business Law offers an in-depth examination of the legal principles and frameworks that govern business activities in Canada. Students explore key topics such as the Canadian legal system, contract law, tort law, forms of business organization, employment law, intellectual property, and dispute resolution procedures. The course emphasizes the role of law in facilitating and regulating business relationships, ensuring compliance, and addressing legal risks. Through real-world case studies and practical scenarios, students gain the knowledge required to identify legal issues and make informed business decisions within the Canadian context.
Recommended Textbook
Canadian Business and the Law 5th Edition by Dorothy Duplessis
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Page 2
Chapter 1: Knowledge of Law As a Business Asset
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Q1) What was the outcome of U.S. government reluctance to regulate the activities of its banks, financial institutions, and markets?
A) U.S. destabilization left global markets unaffected.
B) There was severe destabilization of global markets and economies.
C) Subprime mortgage lending continued to grow.
D) U.S. banks, markets, and financial institutions flourished.
Answer: B
Q2) How does a legal contract contribute to a business relationship?
A) It contributes uncertainty of liability in the relationship.
B) It defines the moral principles and values of the relationship.
C) It provides principles of paramount to govern the relationship.
D) It gives structure, predictability, and security to the relationship.
Answer: D
Q3) Canada offers an attractive commercial environment for entrepreneurs because it has an established set of laws comprised of rules and principles intended to guide conduct in business relationships and protect the property of persons and business.
A)True
B)False
Answer: True
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Page 3
Chapter 2: The Canadian Legal System
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Q1) What level of government possesses the required constitutional jurisdiction to change laws that affect property?
A) federal; paramount jurisdiction
B) provincial; exclusive jurisdiction
C) municipal; concurrent jurisdiction
D) provincial; delegated jurisdiction
Answer: B
Q2) Which of the following best describes the defining characteristics of public law?
A) It regulates relationships between governments and individuals.
B) It provides rules concerning rights and obligations of business.
C) It focuses on fairness according to strict rules of common law.
D) It contains the rules of law in the Civil Code of Quebec.
Answer: A
Q3) What are the basic levels of courts that make up the Canadian court system?
A) trial, informal appeal, and final appeal courts
B) trial, intermediate appeal, and final court of appeal
C) informal trial, formal trial, and final appeal courts
D) pre-trial, trial, and appeal courts
Answer: B
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Page 4
Chapter 3: Managing Legal Risks
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Q1) Duble Mining Ltd. began gold mining operations in Brazil a year ago. Recent changes in government policy cause the risk management department to transfer some uninsured risk to satisfy their commercial lenders. Which of the following actions by Duble Mining would immediately confirm to the commercial lenders that their requirements have been met?
A) hiring private security to guard the mine
B) selling shares to the public to raise capital
C) arranging a political risk insurance policy
D) engaging in political lobbying efforts
Answer: C
Q2) Which of the following methods should be used to manage the risk of non-delivery by suppliers?
A) Impose arbitrary performance standards.
B) Check with the supplier's competitors.
C) Charge most supplier losses as expenses.
D) Perform a credit check on the supplier.
Answer: D
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Page 5
Chapter 4: Dispute Resolution
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Q1) How does a person who wins a case in civil court actually collect on the judgment? What limitations are there on his/her ability to collect?
Q2) It would be very rare to find a significant commercial contract, whether international or domestic, that would contain an arbitration clause in it.
A)True
B)False
Q3) If a debt owed by a customer is not large and the customer is in financial difficulty, negotiating a payment plan or even writing off the debt may be more practical than spending money to try to collect on the account.
A)True
B)False
Q4) One of the factors influencing whether negotiations to remedy a dispute will succeed is the effectiveness of the parties involved in the negotiations.
A)True
B)False
Q5) What are advantages and disadvantages of having electronic data as part of the documentary evidence in a lawsuit?
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Chapter 5: An Introduction to Contracts
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Q1) Down the legal road, one faces an ultimate settlement based on a correct answer ultimately derived from the court's interpretation of the contract.
A)True
B)False
Q2) What is a valid reason for a court to accept that there is a legally binding contract governing the actions of the parties named to it?
A) Under contract law, each party must get what it bargained for.
B) The parties are permitted to rely on the terms they negotiated.
C) Only the parties to a contract can sue or be sued on it.
D) The contract clearly contains an offer and acceptance of that offer.
Q3) With respect to what the terms contained in a negotiated formal contract should ultimately be representative of, each parties' reasonable expectations will most likely be founded on which of the following?
A) that all of the parties to the contract have legal capacity to contract
B) the time period within which all obligations must be performed
C) that there has been a formal intention to create legal relations
D) the binding commitments that form the essence of the contract
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Page 7
Chapter 6: Forming Contractual Relationships
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Q1) What is the meaning of the statement "Promissory estoppel may be used as a shield and not as a sword" with respect to the classical application of the common law doctrine of promissory estoppel?
A) The doctrine is unavailable as a defence in a lawsuit.
B) The doctrine is unavailable as the basis for a lawsuit.
C) The doctrine is unavailable to a person who has made a promise.
D) The doctrine is unavailable to a person who has broken a promise.
Q2) In what way are a contractual promise and a contractual obligation similar?
A) Both must be adequate to be enforceable.
B) Both represent a pre-existing duty.
C) Both may be arbitrarily revoked.
D) Both must be present for validity.
Q3) Before a contract can take place, the parties must have reached a consensus as to their respective rights and obligations.
A)True
B)False
Q4) Once made, an offer cannot be revoked.
A)True
B)False
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Chapter 7: The Terms of a Contract
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Q1) Which of the following allows a judge to imply terms in a contract in order to make it workable?
A) the doctrine of business efficacy
B) the doctrine of business efficiency
C) the common law good faith rule
D) the common law parole evidence rule
Q2) What is meant by the term "rules of construction" in contract law?
A) rules limiting evidence concerning a contract's contents
B) a basis for relieving parties from their contractual obligations
C) guiding principles for interpreting the terms of a contract
D) contractual terms stating that the contract is complete as written
Q3) Contractual quantum meruit requires a customer to pay whatever the supplier chooses to charge or whatever the market will bear.
A)True
B)False
Q4) Parties to a sale of goods contract are always bound by the implied terms established by the Sale of Goods Act.
A)True
B)False
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Chapter 8: Non Enforcement of Contracts
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Q1) Where circumstances surrounding a proposed commercial transaction involve an unsophisticated party, what would a court most likely accept as undisputable evidence that that party has proceeded with the transaction on a free and informed basis?
A) a certificate of individual legal advice
B) a certificate of independent legal advice
C) a certificate of indisputable legal advice
D) a certificate of indubitable legal advice
Q2) A beneficial service contract is enforceable as long as it was commercially viable for the business owner employing a minor.
A)True
B)False
Q3) Cory, aged 17, plays hockey under contract with the Northern Manitoba Huskies junior hockey team. What is the legal term given to this particular type of contractual arrangement?
A) beneficial contract of training
B) beneficial development contract
C) beneficial contract of service
D) beneficial minor training contract
Q4) What must be proven in order to have a contract set aside for misrepresentation?
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Chapter 9: Termination and Enforcement of Contracts
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Q1) Leslie offered to pay Murray $100 a day to show her dog in an upcoming three-day competition. Murray accepted and showed the young male dog, winning best of breed during each day's competition. Leslie paid Murray $300. What is the present status of their contractual arrangement?
A) The contract has been terminated by performance.
B) The termination of the competition frustrated the contract.
C) The payment of the settlement ended the contract.
D) The contract terminated by agreement of the parties.
Q2) Lilan entered into a construction contract with William to build her new home in Moncton. Subsequently, her architect approved an alteration to the original plan, allowing for two additional windows. William agreed to the change. In order for the change to be contractually enforceable, what did Lilan's lawyer most likely advise that she must do?
A) Lilan must provide fresh consideration to William to validate the contract.
B) Nothing further is required because parties are free to vary their contracts.
C) Lilan must ensure both she and William sign the varied contract under seal.
D) Nothing; the variation to the contract is lawful without fresh consideration.
Q3) A breach can have the effect of terminating a contract.
A)True
B)False
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Chapter 10: Introduction to Tort Law
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Q1) In addition to monetary compensation for mental pain and economic suffering awarded for harms arising from another's tortious act, which of the following would also qualify for monetary compensation under tort law?
A) enjoyment of life
B) recurring trespass
C) physical injury
D) slight economic harm
Q2) What did the Supreme Court of Canada establish as the measure of whether a party's actions causing harm or injury to another are tortious in nature?
A) the need for provision of compensation in the form of an award of damages
B) the degree to which the conduct of the offending party is deserving of blame
C) the provision of compensation to persons injured by another's actions
D) the need for compensation must arise through a breach of contract
Q3) Which of the following is most likely attributable to a private prosecution?
A) a rare form of criminal prosecution initiated by a private individual
B) a rare form of civil action in which the defendant is a private individual
C) a typical form of civil action in which the plaintiff is a private individual
D) a typical form of criminal prosecution initiated by the Crown
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Page 12
Chapter 11: The Tort of Negligence
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Q1) In the legal context, a manufacturer's responsibility for the design, manufacture, or sale of its products is synonymous with which of the following?
A) a partial defence to relationship of proximity
B) the director's standard of care imposed by professional liability
C) a partial defence to neighbour relationship
D) the standard of care imposed by product liability
Q2) In which aspect of negligence does the term "an indeterminate class" arise?
A) non-professional
B) thin skull principle
C) standard of care
D) duty of care
Q3) Negligence is said to be a very common tort action in the commercial world. Provide three examples of a negligence action that could give rise to a claim for injury or loss.
Q4) In tort law, a relationship of deficient proximity creates a neighbour.
A)True
B)False
Q5) Identify and briefly describe the rule that follows the legal principle that only the type of injury must be foreseeable.
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Chapter 12: Other Torts
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Q1) Marcel leases two large warehouse buildings on the outskirts of the city to Regis; therefore, risks arising from occupier's liability are limited to affecting Marcel.
A)True
B)False
Q2) Which of the following is synonymous with a warranty that "the premises are as safe as reasonable care and skill on the part of anyone can make them"?
A) a duty owed to an occupier's licensee
B) a duty owed to a contractual entrant
C) a duty owed to anyone who is a visitor
D) a duty owed to an occupier's invitee
Q3) Passing off involves presenting another's goods or services as one's own.
A)True
B)False
Q4) What is the common term for publishing a defamatory statement?
A) defamation
B) fair comment
C) libel
D) slander
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Page 14
Chapter 13: The Agency Relationship
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Questions
Q1) Nabella is selling her house. She has asked a lawyer with Sheps & Shaps LLP to handle the legal aspects of the transaction. Which of the following will strongly support the creation of an agency relationship between Nabella and the lawyer?
A) the regulation of lawyer conduct
B) the up-front payment of a retainer
C) an agreement on a hourly rate
D) the legal authority of a lawyer
Q2) Identify the circumstances under which a principal would be permitted, by law, to ratify a contract.
Q3) What is the term for an outside party with whom an agent conducts business on behalf of a principal?
A) subcontractor
B) agent
C) plaintiff
D) third party
Q4) Identify and briefly describe how an employed clerk typist may be transformed into the business's agent.
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Chapter 14: Business Forms and Arrangements
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Q1) Identify and briefly explain what feature of a corporation allows for the easy transfer of ownership, how ownership is transferred, and the source of restrictions, if any, on the transfer of ownership.
Q2) Which of the following is most likely to be indicated by a description that includes, among other things, the option to purchase a partner's interest and the valuation of interests?
A) a partnership agreement clause pertaining to dissolution of partnership
B) a partnership agreement clause pertaining to changes in partnership
C) a clause in a partnership agreement that addresses profit distribution
D) a clause in a partnership agreement that avoids litigation and animosity
Q3) Which of the following would most strongly support Martina's agreement to an allotment of a 25 percent interest in her partnership with Lorenzo and Marcella?
A) It accurately reflects the partners' proportionment of her contributions.
B) It accurately reflects the value of their varied contributions.
C) It doesn't affect their ability to distribute shared profits equally.
D) It doesn't affect their ability to freely define their proportionate profit share.
Q4) Discuss the distribution of the profits of a corporation.
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Chapter 15: The Corporate Form: Organizational Matters
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Q1) Part of the process of organizing the newly incorporated entity involves the appointment of an auditor to hold office until the first annual meeting of the shareholders.
A)True
B)False
Q2) In British Columbia, a corporation is often described as a "company" although, strictly speaking, the terms are not synonymous.
A)True
B)False
Q3) Sam recently assumed an equity position in a corporation rather than continuing as one of its unsecured creditors. What right has Sam exercised?
A) his redemption right on a convertible debenture
B) his redemption right on a convertible bond
C) his conversion right on a convertible debenture
D) his conversion right on a convertible bond
Q4) Briefly explain how a corporation can be financed, including the source of regulation with respect to public share issuance or debt offerings.
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Chapter 16: The Corporate Form: Operational Matters
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Q1) What must be used in order to circumvent the general powers of the directors of a corporation to manage or supervise the ongoing business and affairs of a corporation?
A) provisions made in the bylaws or unanimous shareholders agreement
B) resolution of the majority shareholders of the corporation
C) provisions contained in the bylaws or a shareholders' agreement
D) unanimous resolution of majority and minority shareholders
Q2) In what way are a duty of competence and a fiduciary duty similar?
A) Both are obligations owed to a corporation's creditors.
B) Both are strict liability obligations owed to external stakeholders.
C) Directors are relieved from them by delegating authority to officers.
D) Neither is an obligation owed by a director that can be delegated.
Q3) What is the authority an individual must possess to trigger an organization's criminal liability?
A) the authority to enact organizational policy
B) the authority to act as a subordinate manager
C) the authority as the directing mind who commits the offence
D) a combined authority with two or more individuals in a single chain of command
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Page 18
Chapter 17: Personal Property
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Q1) While a financing lease will likely provide a lessor with the right to purchase the equipment at the end of the lease, a mechanic's lien covering the same equipment would entitle the mechanic to retain possession of the property until payment for the repair is received. Failure to pay for the repair altogether will entitle the mechanic to sell the equipment at fair value, to satisfy its outstanding account with the proceeds, and to forward any excess balance of funds remaining to the bailor.
A)True
B)False
Q2) What most often drives the decision to create a temporary split of ownership and possession with respect to personal property?
A) Both parties have a right to be compensated in any event.
B) The arrangement meets the business needs of both parties.
C) Both parties will have to bear a proportionate risk of a loss.
D) The owner of the property bears ultimate responsibility.
Q3) Describe bailment, and discuss its key issues.
Q4) Identify the common types of bailments.
Q5) Remedies for failure to perform obligations arising in a bailment relationship originate in two contexts. Discuss.
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Chapter 18: Intellectual Property
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Q1) Sun Power Generation Corp. has applied for the registration of its trademark. The company includes a disclaimer as part of its mark and has noted the disclaimer in the trademark application. Which of the following disclaimers would have the strongest influence on Sun Power's application?
A) Disclaimer of exclusive rights to a distinctive component affects registrability.
B) Disclaimer of exclusive rights to use of descriptive words affects title.
C) Disclaimer of exclusive rights to descriptive words affects registrability.
D) Disclaimer of exclusive rights to a weakly distinctive component affects title.
Q2) Which of the following must a work possess in order to attract copyright protection?
A) originality and fixation
B) non-exhaustive elements
C) non-traditional elements
D) fixation of origin
Q3) The price of a patent monopoly is the requirement to disclose the invention.
A)True
B)False
Q4) Discuss the rights attributable to a registered industrial design.
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Page 20
Chapter 19: Real Property
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Q1) Which of the following is a primary contributing factor regarding the necessity of a registry search to consist of a 40-year history?
A) to ensure no lingering environmental problems exist
B) to ensure the boundaries described in the title fit the physical land boundaries
C) to facilitate the registration of unregistered deeds to fix defects
D) to ensure a clear title to the property
Q2) What is the legal term for the legal interest considered to be the closest to full ownership in real property?
A) joint tenancy
B) fee simple
C) tenancy in common
D) deeded title
Q3) Real property is largely governed by common law, which, by tradition, devotes its focus on protecting rights to property and, in particular, determining the rights of ownership to a piece of land.
A)True
B)False
Q4) Describe the role of the administrators of a land titles system
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21
Chapter 20: The Employment Relationship
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Q1) Marne's employment contract provides for her remuneration in return for the services she performs.
A)True
B)False
Q2) Discuss the jurisdiction of both the federal and provincial governments to make laws that affect employees.
Q3) Hamal asked Rolene to a lunch meeting. During lunch, he suggested Rolene would enjoy better remuneration and opportunities for advancement with his company. One week later, Rolene gave her employer one month's notice of her termination of employment. In these circumstances, which of the following would provide the strongest support for a legal action by Rolene's former employer?
A) Rolene is obliged to give adequate notice of termination to an employer.
B) Rolene's ability to work for competitors is limited by restrictive covenants.
C) Rolene owes fiduciary obligations to her past employer.
D) Rolene's past employer may sue Hamal for inducing breach of contract.
Q4) Systemic discrimination involves the application of a rule that appears to be neutral but has discriminatory effects.
A)True
B)False
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Chapter 21: Terminating the Employment Relationship
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Q1) Briefly discuss why employment law has become increasingly important for employers.
Q2) Why are employees who have been terminated for cause more likely to commence a legal action for wrongful dismissal?
A) Dismissal for cause disentitles the employee to any compensation.
B) Employers prefer to settle lawsuits contesting termination for cause.
C) Employers' faulty policies and procedures for dismissal are actionable.
D) Contingency fee arrangements make it affordable for them to do so.
Q3) A senior-level employee, a high-level employee, and a manager are each entitled to receive one week of notice for each year worked, up to a maximum of eight weeks.
A)True
B)False
Q4) How should an employee reconcile the duty to uphold the public's interest with the duty of loyalty and good faith to an employer with respect to exposing corporate wrongdoing?
A) The employee should sacrifice public interest to preserve his livelihood.
B) Duty of loyalty to the employer prevails.
C) Public interest must always prevail.
D) The duty of loyalty and good faith is upheld by policy of the courts.
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Chapter 22: Professional Services
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Q1) Dr. Walton, a practising psychologist, prepared a report for litigation purposes, as requested by Hayley's lawyer. Hayley has been receiving disability benefits, which the insurer would like to terminate if it can prove she has recovered sufficiently. The insurance company has written to Dr. Walton, requesting a copy of the report prepared for Hayley's lawyer. What will most likely be the appropriate response?
A) The report must be forwarded, or Hayley will lose entitlement to benefits.
B) The duty of professional-client privilege is inapplicable to psychologists.
C) The request is denied, as the report is subject to professional-client privilege.
D) All professionals are bound by a duty of confidentiality.
Q2) Which of the following is a legitimate concern for clients or third parties who rely on professionals who provide their services through a limited liability partnership?
A) the adequacy of the profession's indemnification fund to cover losses
B) whether individual partners remain liable for their own negligence
C) whether highly specialized professional protection associations defend claims
D) whether there will be compensation for losses caused by the professional
Q3) Briefly discuss the effects of a limited liability partnership on liability for partners of a firm and the firm itself.
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Chapter 23: Sales and Marketing: the Contract, Product, and Promotion
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Q1) Provinces have legislated to address selling practices that generally can be described as unfair. Explain the context under which unfairness typically arises, and list unfair practices affected by this legislation.
Q2) What is the legal term for an unpaid seller's right to claim under sale of goods legislation in circumstances where the title to goods has transferred to the buyer?
A) account for profits
B) breach of contract
C) action for price
D) stoppage in transit
Q3) Briefly discuss the role of a bill of lading.
Q4) The rules contained in the sale of goods legislation that determine when title to goods shifts also affect the seller's right to claim damages for non-acceptance.
A)True
B)False
Q5) Identify the warranties that are implied in sales transactions by the Sale of Goods Act.
Q6) Briefly discuss the right of repudiation with respect to the sale of goods.
Q7) Discuss regulation relating to the product component of the marketing mix.
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Chapter 24: Sales and Marketing: Price, Distribution, and Risk Management
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Q1) Which of the following has jurisdiction to regulate unsolicited telemarketing communication as a result of the Canadian National Do Not Call List becoming operational on September 30, 2008?
A) Competition Bureau
B) provincial privacy legislation
C) Canadian Association of Internet Providers
D) Canadian Radio-television and Telecommunications Commission
Q2) The Competition Act seeks to ensure commercial customers are free from unfair differential treatment that could seriously reduce competition in the marketplace. Which of the following is intended to be positively influenced by this legislated policy objective?
A) criminal offences
B) channel power
C) reviewable matters
D) number of competitors
Q3) The Scanner Price Accuracy Voluntary Code requires that clear and legible labels must be affixed to the shelf next to the product.
A)True
B)False
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Chapter 25: Business and Banking
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Q1) Which of the following distinguishes a cheque from an Internet transaction?
A) Electronic transfers are instantaneous.
B) A cheque leaves a paper trail.
C) A cheque increases efficiency.
D) Verification is absent.
Q2) Kellie went to her bank to obtain a certified cheque for $35 000 cash needed to close her house purchase. Kellie endorsed a $20 000 cheque that her mother gave her and requested that the remaining $15 000 be withdrawn from her savings account. Kellie requested that the certified cheque be made payable to "Sheps & Shaps LLP in trust."
What types of endorsements were made?
A) restrictive endorsement; certified endorsement
B) endorsement in blank; special endorsement
C) certified endorsement; special endorsement
D) endorsement in blank; restrictive endorsement
Q3) Which of the following would be most strongly influenced by an honoured cheque?
A) centralized clearing process
B) inadequate funds in an account
C) evidence of discharge of a debt
D) unambiguous payment instructions
Q4) Describe the various models for electronic cashless transactions.
Page 27
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Chapter 26: The Legal Aspects of Credit
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Q1) Which of the following is a commonality shared by buildings and inventory with respect to financing a business?
A) Each is subject to a particular set of enforcement procedures.
B) Both can serve as collateral for business loans.
C) Both are commonly used in letters of credit to distribute default risk.
D) Each is subject to a particular set of legal rules.
Q2) Consumer protection laws relating to lending institutions are scattered throughout a number of pieces of legislation. What is the unifying theme that each seeks to regulate?
A) prohibiting misleading statements in credit applications
B) the ongoing respectability of licensed credit bureaus
C) licensing, permitted activities, and terms of credit
D) protecting borrowers from exorbitant interest rates
Q3) Discuss the letter of commitment and describe the basic terms that are detailed in this type of financing document.
Q4) A loan granted to an individual for a non-commercial purpose is governed primarily through provincial consumer protection legislation.
A)True
B)False
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Page 28
Chapter 27: Bankruptcy and Insolvency
Available Study Resources on Quizplus for this Chatper
69 Verified Questions
69 Flashcards
Source URL: https://quizplus.com/quiz/27018
Sample Questions
Q1) What legislation specifically affects conveyances of real or personal property made with the intent to, among other things, default or defraud a bankrupt's creditors?
A) Part XIII of the Bankruptcy and Insolvency Act
B) Companies' Creditors Arrangements Act
C) federal Bankruptcy and Insolvency Act
D) provincial fraudulent conveyances legislation
Q2) Explain the circumstances that would cause a discharge of bankruptcy to be opposed.
Q3) Which of the following is a characteristic that distinguishes a trustee in bankruptcy from a lawyer and an accountant?
A) lawyers and accountants have insolvency expertise
B) lawyers and accountants typically recognize greater return alternatives
C) trustees have formal professional training as debt counsellors
D) trustees have the legal authority to administer legal proceedings
Q4) Describe the purposes of early bankruptcy legislation that are confirmed in the Canadian version of bankruptcy legislation.
Q5) Explain the criteria that must be met before a debtor will be recognized as insolvent under the Bankruptcy and Insolvency Act.
To view all questions and flashcards with answers, click on the resource link above. Page 29
Chapter 28: Insurance
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/27019
Sample Questions
Q1) The purpose of comprehensive general liability insurance (also known as CGL insurance) is to compensate business enterprises in a comprehensive way for any liabilities they incur outside the course of their normal business operations.
A)True
B)False
Q2) Explain the nature and purpose of business interruption loss insurance.
Q3) Jasmine is discussing an alteration to her current business insurance coverage. Which of the following will her insurer most likely recommend to Jasmine for this purpose?
A) additional policy
B) rider
C) new policy
D) endorsement
Q4) A rider is written evidence of a change in an existing policy of insurance.
A)True
B)False
Q5) Describe the major distinguishing feature among automobile insurance systems from province to province, and explain the major difference between the insurance systems.
To view all questions and flashcards with answers, click on the resource link above. Page 30