Canadian Business Law
Mock Exam
Course Introduction
Canadian Business Law provides an overview of the legal principles and frameworks that shape business activities in Canada. The course covers topics such as contract law, torts, forms of business organizations, the sale of goods, employment law, intellectual property, and regulatory issues. Emphasis is placed on understanding how legal rules affect business decision-making and operations, while exploring case studies and real-world scenarios relevant to the Canadian context. Students will gain practical insight into the application of law in business settings and develop the ability to identify and respond to legal risks and opportunities within Canadian commercial environments.
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) Briefly describe the laws a Canadian business involved in contracts outside of Canada's borders would have to consider to ensure compliance.
Answer: A Canadian business involved in contracts outside of Canada's borders would have to include any Canadian law, foreign law, treaties, and conventions that apply to their business activities in their legal risk management plan.
Q2) A legal risk management plan involves a business strategy that may require legal supervision to reduce the probability and severity of loss.
A)True
B)False
Answer: True
Q3) Which of the following best exemplifies some of the most important contributions the law provides when facilitating commercial activities?
A) structure, confidence, and preclusion
B) structure, certainty, and prevention
C) structure, certainty, and predictability
D) structure, confidence, and promise
Answer: C
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Chapter 2: The Canadian Legal System
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Q1) Quest Electrical Engineers Inc. contractually committed to provide specialized services to a construction project with specified deadlines for completion. Quest has to meet deadlines or face penalties. What type of law governs the relationship and conduct of the parties to this contract?
A) common law
B) corporate law
C) public law
D) private law
Answer: D
Q2) 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
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Chapter 3: Managing Legal Risks
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Q1) A private investment firm that deals exclusively in derivative investment products is concerned its market activities may become regulated. What measures should the institution take to begin to address its concerns?
A) establish an adequately funded cash reserve
B) manage legal risk with a plan to prevent loss
C) appoint a junior trader to monitor and assess possibility of loss
D) prepare a risk aversion policy manual
Answer: B
Q2) Risk avoidance is always the best policy.
A)True
B)False
Answer: False
Q3) What is the value of having a legal risk management plan?
Answer: The value in having a legal risk management plan lies in being ready to take the appropriate action when a risk does materialize. An effective way of dealing with the situation is already determined, including an assessment of whether legal advice is necessary.
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Chapter 4: Dispute Resolution
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Q1) Sian has been named in a lawsuit alleging a large balance owed on an automobile lease. Sian believes the contract was voided when the vehicle's motor ceased operating the day after signing the lease agreement. Sian is still owed the compensation the dealership promised to pay her as reimbursement of the towing cost to have the vehicle returned to the dealership after it broke down. If Sian wants to avoid a default judgment and recover her losses, how should she proceed?
A) issue a request for a discovery of documents
B) issue a request for a pretrial conference
C) immediately file a defence and counterclaim
D) file a statement of claim based on her losses
Q2) Which of the following circumstances would cause a risk management department to consider referring a commercial dispute to alternative dispute resolution?
A) The parties are unconcerned about privacy or confidentiality.
B) The parties disagree about the nature of the disputed issues.
C) The parties both desire a quick resolution of minor problems.
D) One or more of the parties does not respond to cost incentives.
Q3) 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?
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6
Chapter 5: An Introduction to Contracts
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Q1) Juha agreed to hire Zen Home Builders Ltd. (Zen) to construct his new home. Juha, Zen, and their lawyers met to review and sign a contract that provided for specific types of environmentally safe construction materials to be used. In many instances, Zen failed to use the stipulated "green" construction materials. What would a court, faced with determining a resolution to the ensuing dispute, rely on the existence of to establish the existence of the contract?
A) Juha's entitlement to rescind the contract due to poor contractual performance.
B) A framework of rules created by the parties and which judges automatically enforce.
C) Mandatory rules which every type of contract is subject to.
D) An intention between the parties to create a legal relationship.
Q2) Explain how the operation of contract law makes it possible for the wheels of commerce to turn efficiently and effectively.
Q3) An incomplete agreement is not contractual because its content is not sufficiently comprehensive.
A)True
B)False
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Chapter 6: Forming Contractual Relationships
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Q1) Identify and briefly describe what element is recognized as forming the basis of a contract in common law. Include a brief explanation of what is meant by the legal requirement of certainty of offer and identify and briefly described the circumstances under which a court would endeavour to resolve ambiguities in an alleged offer.
Q2) Sometimes a contract is drafted in such a way that it fails to clearly and precisely express the essential terms of the offer. Which of the following would have the greatest influence on a court's willingness to interpret such an offer and resolve uncertainties?
A) the terms that would have resulted from completed negotiations
B) a stated workable formula for determining market price
C) evidence of a clear intention of the parties to create legal relations
D) certain matters in the agreement left to be decided in the future
Q3) 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.
Q4) Identify and briefly define the events that will cause an offer to be taken off the table.
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8
Chapter 7: The Terms of a Contract
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Q1) Which of the following is a distinguishing characteristic of the doctrine of frustration?
A) It relieves parties of contractual obligations in very limited circumstances.
B) As a contractual term, it is used to signify that a contract cannot be varied.
C) As a guiding principle, it is used for interpreting the terms of a contract.
D) It relieves parties in a variety of circumstances from contractual obligations.
Q2) The parol evidence rule prohibits the introduction of a specific type of evidence relating to the terms of a contract when the language used in that document is clear. What is the second condition required to invoke the parol evidence rule?
A) Neither party can prove adverse affects of a documentary mistake.
B) Neither party is able to support its interpretation of the contract.
C) The restriction of the contractual content to the document is intentional.
D) Fraud by one party affecting formation of the contract was intentional.
Q3) Identify and briefly describe the conflicting consideration that arises from the common law rules of construction. Identify how this conflict arises and under what circumstances parties might find themselves facing such a dilemma.
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Chapter 8: Non Enforcement of Contracts
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Q1) Why is it necessary for Canadian law to grant children and mentally ill individuals special legal protection?
A) Both groups lack the substantial mental capacity to make binding legal decisions.
B) Both groups lack the legal capacity to be able to enter into binding contracts.
C) Both groups lack the experience to make binding legal decisions.
D) Both groups lack the functional mental capacity to understand binding legal commitments.
Q2) What is the goal of the common law remedy of rescission?
A) It seeks to provide redress to the innocent party.
B) It seeks to provide monetary redress for harm incurred.
C) It seeks to return parties to their pre-contractual positions.
D) It seeks to enforce good faith in commercial transactions.
Q3) A simple oversight or error by one negotiating party does not constitute a legal mistake and provides no basis for voiding a contract.
A)True
B)False
Q4) When is a contract considered to be contrary to public policy? Give an example.
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Chapter 9: Termination and Enforcement of Contracts
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Q1) Explain why a court may deny the remedy of specific performance where it is satisfied that there has been improper behaviour by the plaintiff. Identify and provide two examples of the rules that are applicable in these particular circumstances and explain briefly the meaning both of those rules imply.
Q2) What is the definition of the legal term "assignment"?
A) the substitution of parties or replacement of one contract with another B) the right to a remedy for breach when a party has sustained a loss
C) the transfer of contractual rights from one party to someone else
D) the transfer of a contractual right by an assignee to an assignor
Q3) Which of the following possibilities would a party considering the non-performance of a contract weigh?
A) the actual anticipated gains versus the likely cost of breach
B) the moral cost to society of unethical commercial activity
C) that actual moral cost balanced against the economic gains
D) the ethical cost to the essential functioning of business
Q4) Shady business practices are advantageous only if most businesspeople recognize the existence of moral obligations.
A)True
B)False
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Chapter 10: Introduction to Tort Law
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Q1) What would a court most likely rely on when awarding damages to compensate an innocent party for their loss in a case involving joint tort-feasors?
A) each tort-feasor's ability to pay damages
B) each tort-feasor's risk of wrongful conduct
C) each tort-feasor's level of responsibility
D) each tort-feasor's contributory negligence
Q2) The ability to claim in tort is enhanced under provincial no-fault automobile insurance schemes.
A)True
B)False
Q3) Which of the following would be characteristic of an offence of aggravated assault under s. 268(1) of the Criminal Code of Canada?
A) entering onto another person's property without consent
B) wilful disfiguration or endangerment of another person
C) commission of a careless act causing loss to another
D) idle talk of threats to physically harm another person
Q4) Intentional torts are harmful acts that are committed on purpose.
A)True
B)False
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Chapter 11: The Tort of Negligence
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Q1) Disappointed purchasers of a manufacturer's poorly produced or designed product have no recourse in tort law for negligence.
A)True
B)False
Q2) The absence of a sufficiently close relationship between Roger's action and Jamel's injury is based on which of the following?
A) prima facie evidence
B) the thin skull rule
C) remoteness of damage
D) reasonable person test
Q3) Which of the following is synonymous in negligence law with the statement "it is not enough to establish some of the steps or even most of them"?
A) the plaintiff's requirement to prove each and every step
B) the defence of volenti non fit injuria
C) the plaintiff's automatic entitlement to damages
D) the right to recover a loss of income.
Q4) Briefly describe how a prima facie duty of care is established.
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13
Chapter 12: Other Torts
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Q1) Which of the following is typically derived from s. 494 of the Criminal Code?
A) the authority to detain
B) the authority to search
C) the authority to act on suspicion of a crime
D) the authority to psychologically coerce
Q2) The act of coming onto another's property without the occupier's express invitation or implied consent gives rise to the tort of invasion of privacy.
A)True
B)False
Q3) What is the legal term for the group of parties recognized as having the ability to exercise some degree of control over land or buildings on that land?
A) occupant
B) occupier
C) licensee
D) tenant
Q4) Describe the questions that should be included in an occupier's liability risk management plan.
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Chapter 13: The Agency Relationship
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Q1) Identify and briefly describe how an employed clerk typist may be transformed into the business's agent.
Q2) Which of the following would most strongly support a determination of the existence of a contract between a principal and a third party?
A) whether the principal actually likes the deal
B) the extent to which the agent is remunerated
C) the extent of the agent's actual authority
D) the timing of the agent's acceptance of a retainer
Q3) Kyrie negotiated a contract in good faith with a party whose introductory letter from his employer reasonably led her to believe he had the proper authority to do so. What would be the most likely outcome of any dispute challenging the existence of an agency relationship?
A) The law sides with the principal through ratification.
B) A court will determine the agent had actual authority.
C) The law sides with the customer through estoppel.
D) A court will determine the agent had apparent authority.
Q4) Briefly discuss the importance of the agency relationship to business, including what it is, what it allows, how it is used, and the advantage derived from using it.
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Page 15
Chapter 14: Business Forms and Arrangements
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Q1) Briefly discuss the requirements for the creation of a limited liability business entity, including an explanation of the important effects meeting the requirements will have.
Q2) Which of the following strongly supports the need for each one of the partners to be aware of each and every obligation incurred by their partnership with respect to personal liability?
A) full and complete exposure
B) predetermined limited liability
C) proportional limited liability
D) full and complete impunity
Q3) A sole proprietorship, a partnership, and a corporation may all be subject to double taxation, depending on the circumstances.
A)True
B)False
Q4) Choosing how to own a business is of little consequence to the ultimate determination of who is financially liable for the business.
A)True
B)False
Q5) 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) What distinguishing characteristic does Nova Scotia share in common with British Columbia with respect to incorporating a business entity?
A) unlimited liability corporations
B) issuance of articles of association creating limited liability entities
C) unlimited combinations of diversified rights for classes of shares
D) issuance of memorandums of association
Q2) Which of the following exempts entities from most of its requirements, provided the definition of a private corporation is met?
A) corporate legislation
B) corporate law regulating winding up transactions
C) securities legislation
D) securities law regulating redemption on dissolution
Q3) Where there has been a finding of liability for failure to make timely disclosure of a material change in an issuer's business, the liability award will be capped unless the defendant knowingly participated in the misrepresentation or failure to disclose.
A)True
B)False
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Chapter 16: The Corporate Form: Operational Matters
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Q1) Why was the standard of care of a corporation's directors and officers codified?
A) The law required an objective standard to ensure that fiduciaries strive for perfection.
B) The unduly low common law standard of care compromised the duty of competence.
C) Fiduciaries had to exhibit a greater degree of skill than could reasonably be expected.
D) Fiduciaries were held to an unreasonably exacting duty of competence.
Q2) Which of the following is a commonly held characteristic of corporate opportunities?
A) Most tempt fiduciaries to act with self-interest.
B) They have a very high revenue potential.
C) They can be either pursued or declined.
D) Most give rise to conflict-of-interest situations.
Q3) Discuss the amendments to Canada's Criminal Code pertaining to the type of individuals who may trigger an organization's criminal liability. Include an explanation of the law prior to the amendments and the subsequent effects of the amendments.
Q4) Briefly discuss the oppression remedy. Identify the categories of conduct a court would usually find to be oppressive in nature.
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Chapter 17: Personal Property
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Q1) The burden placed on a common carrier to care for the goods of the bailor is determined by the concept of benefit of the relationship. If the bailment benefits the bailor exclusively, the common carrier is required to exercise slight care and is liable only for gross neglect.
A)True
B)False
Q2) What is most likely to be the result in circumstances involving an outstanding payment for the repair and subsequent storage of a sailboat?
A) a limited defence, mainly relating to circumstances
B) the severe limitation of the bailee's liability
C) the retained possession and sale by right of lien, if needed
D) the bailor's expectation of the receipt of property in good repair
Q3) The risks relating to personal property concern proof and protection of ownership, rights to possession, and the preservation of economic value.
A)True
B)False
Q4) Identify the risks relating to personal property.
Q5) Describe bailment, and discuss its key issues.
Q6) Identify the elements that are applied to determine the liability of bailees.
Page 19
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Chapter 18: Intellectual Property
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Q1) Discuss the rights attributable to a registered industrial design.
Q2) With which of the following is the phrase "do what it purports to do" synonymous with respect to intellectual property law?
A) the need to establish utility for patentability
B) the need to establish utility for trademark approval
C) the need for novelty for trademark registration
D) the need for commercial value for patentability
Q3) Which of the following would immediately bar the registration of an industrial design?
A) payment for the application by another
B) novel application of a disclosed design
C) disclosure or use in the previous 15 months
D) established design with novel application
Q4) What areas of intellectual property are within the federal government's legislative jurisdiction?
A) industrial designs, trademarks, patents
B) copyrights, trademarks, patents
C) patents, copyrights, industrial designs
D) confidentiality, trademarks, patents
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Chapter 19: Real Property
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Q1) The document that transfers the possession of land from the landlord to the tenant in exchange for the payment of rent is legally described as a tenant lease.
A)True
B)False
Q2) Before Anya can draft the letter to the purchaser's lawyer stating the balance due on closing, she must adjust the sale price to take into consideration such things as prepaid annual municipal property taxes.
A)True
B)False
Q3) Tenants in common each have an undivided interest in the land and are able to deal with their own interests in any way they see fit without having to consult with one another.
A)True
B)False
Q4) The mortgagor is the party who lends the money, and the mortgagee is the party who borrows the money and signs the mortgage promising to repay the loan.
A)True
B)False
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Chapter 20: The Employment Relationship
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Q1) Ted is a freelance writer and has arranged to meet with Bert at 2:30 to discuss an article Bert's company would like pay Ted to write. If Ted undertakes this project, which of the following will most likely result?
A) Ted will have a favourable salary review.
B) Income tax will be deducted at source.
C) Ted's work will be integral to the business.
D) An independent contractual arrangement will be drawn up.
Q2) Which of the following is a feature of Canada's Employment Equity Act?
A) targets underrepresentation of particular groups in workplaces of 10 or more employees
B) targets underrepresentation of particular groups in workplaces of 100 or more employees
C) targets reverse discrimination in workplaces of 100 or more employees
D) targets reverse discrimination of particular groups in workplaces of 10 or more employees
Q3) A company is reviewing each step of its employee hiring process to ensure that it is avoiding discriminating practices. Identify and list the elements that the company should do to meet this goal with respect to this particular process.
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Chapter 21: Terminating the Employment Relationship
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Q1) The Supreme Court has stated that if an employee can prove that the manner of dismissal caused mental distress, the damages should be awarded through an extension of the notice period, not through an award that reflects the actual damage.
A)True
B)False
Q2) Martina's company is downsizing, and she has been notified that her employment relationship will be terminated. She has been asked to give up her right of action with respect to the termination. What is the proper procedure to be followed by Martina?
A) to seek advice regarding her benefit and severance entitlement before accepting a settlement
B) to seek advice regarding severance pay entitlement prior to signing a settlement agreement
C) to seek independent advice on the adequacy of the offer prior to signing a release
D) to seek independent advice on the benefits of advancing a lawsuit to avoid statutory limits
Q3) Briefly discuss why employment law has become increasingly important for employers.
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Chapter 22: Professional Services
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Q1) The least difficult cases are those in which professionals give careless advice or make misrepresentations causing negative economic consequences to third parties.
A)True
B)False
Q2) As a result of its role in the Enron affair, the accounting firm of Arthur Andersen was charged with the criminal offence of obstruction of justice based on alleged concealment and destruction of key documents. These charges were possible because professional-client privilege only governs lawyer-client relationships.
A)True
B)False
Q3) In which of the following circumstances will the lawyer's indemnification fund compensate the victims of one of its practising members?
A) breach of contract
B) theft of client money from trust
C) breach of confidentiality
D) professional conflict of interest
Q4) Briefly discuss the concept of professional-client privilege.
Q5) Identify specific obligations that apply to a professional as fiduciary.
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Chapter 23: Sales and Marketing: the Contract, Product, and Promotion
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Q1) In a free on board contract, the seller specifies the type of transportation to be used.
A)True
B)False
Q2) A number of terms are automatically implied by the Sale of Goods Act into the contracts of parties, even though they may have expressly agreed to exclude the operation of this legislation with regard to their transaction.
A)True
B)False
Q3) Which of the following would be essential to determining a remedy with respect to the breach of a term under the sale of goods legislation?
A) product safety classification
B) the classification of the term
C) anticompetitive practices
D) disclosure on packaging
Q4) With respect to the sale of goods legislation, briefly discuss the remedies for breach of warranty.
Q5) Briefly discuss how the Sale of Goods Act enacted in 1893 protected buyers historically.
25
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Chapter 24: Sales and Marketing: Price, Distribution, and Risk Management
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Q1) Briefly discuss the regulation of door-to-door selling.
Q2) What is the term for a specialized form of conspiracy by producers/suppliers to manipulate a market through price that can result in a fine and/or imprisonment?
A) bid rigging
B) tied selling
C) abuse of dominant position
D) predatory pricing
Q3) Which of the following is a distinguishing characteristic of the Personal Information Protection and Electronic Documents Act?
A) Failing to disclose full contract terms is an offence.
B) The absence of a similar provincial law allows the federal act to be applied provincially.
C) All provinces have endorsed the disclosure of specified goods and services information.
D) All provinces regard the failure to provide a copy of a contract as an offence.
Q4) Identify and briefly describe the conditions under which a producer may refuse to sell to retailers that are selling its products at unreasonably low prices.
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Chapter 25: Business and Banking
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Q1) Identify the additional duties implied on the bank with respect to the banking contract by common law and banking practice.
Q2) A written contract that contains an unconditional promise or order to pay a specified sum on demand or on a specific date to a specific individual or bearer is legally known as a bill of exchange.
A)True
B)False
Q3) Which of the following formerly applied to banks, trust companies, stockbrokerages, and insurance companies?
A) participation by banks and trust companies in the insurance sector
B) liberal ownership rules for national banking institutions
C) prohibition from conducting business beyond a sector
D) ability of subsidiary companies to sell insurance on websites
Q4) What is the second focus of a banking agreement?
A) the rights and obligations of the parties
B) the allocation of loss
C) the protection of privacy
D) the bank's ability to apply charges
Q5) Describe the various models for electronic cashless transactions.
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Chapter 26: The Legal Aspects of Credit
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Q1) What would an importer of goods want to assure it has obtained prior to making payment for those goods to a foreign supplier?
A) title documents
B) a letter of commitment
C) credit arrangements
D) collateral security
Q2) Which of the following companies would risk the revocation of its operating licence for harassing, threatening, and exerting undue pressure on a defaulting borrower?
A) banking institution
B) collection agency
C) credit bureau
D) credit card company
Q3) Which of the following would be a major factor in determining the remedies available to a borrower's creditors in the event of the borrower defaulting on its repayment?
A) the distinction in the creditors' status between secured and unsecured
B) the priority of registration in the personal property security registry
C) the amount of deficiency remaining after the sale of assets
D) the presence of an acceleration clause in the loan agreement
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Chapter 27: Bankruptcy and Insolvency
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Q1) Which of the following would most likely be strongly supported by the body of law generically known as insolvency law?
A) a framework for financial bankruptcy
B) a discharge for the unwillingness of creditors to pursue claims
C) an appointed non-professional facilitator
D) an absolute discharge for the refusal by creditors to negotiate
Q2) How long will a bankruptcy remain on the record if it is the individual's first and they have been relieved of the responsibility of repaying their creditors through the bankruptcy process?
A) 3 years
B) 5 years
C) 6 years
D) 14 years
Q3) 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
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Page 29
Chapter 28: Insurance
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) Identify the test for whether the insured has an insurable interest in the thing being insured, and briefly explain the rationale behind this rule.
Q2) 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
Q3) Describe the three types of directors and officers insurance (D&O insurance) coverage that are currently available.
Q4) What is the purpose of directors and officers liability insurance?
A) to extend coverage to include the corporation's liability against security claims
B) to provide coverage that includes a well-drafted severability clause
C) to reimburse the corporation for amounts paid to indemnify officers and directors
D) to provide protection over and above indemnification by the corporation
Q5) Briefly discuss the nature and the content of insurance policies.
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