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49 Cards in this Set
- Front
- Back
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What is business risk?
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A probability or threat of a damage, injury, liability, loss or other negative occurrence.
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Categories of Business risk? |
Operational risk, Financial risk, environmental, regulatory and safety risk.
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What is common law?
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Person vs Person or Company vs Company.
Created by judges under judicial branch |
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Name of legal principle that is foundation of common law? |
stare decisis or precendent. |
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What is equitable remedy? |
Remedy courts consider in special circumstances where compensation with money wouldn't be sufficient. I.E (injunction) you stop what you're doing.
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Differences between common and statute law? |
Common law is under judicial branch and statute is under legislative branch. Common law is people vs people where statute is people vs state.
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Key differences between private and public law?
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Private: common law governing between persons. Breaches are compensated by $ or equitable remedies.
Public: Statute law person vs state. Breaches=fines/penalties/incarceration. |
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The three branches of government? |
Executive(PM, Premiers), Judiciary(Judges, , and Legislative(elected officials)
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Branch of government authorized to create regulations? |
Executive or Regulatory.
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Is charter of rights and freedoms a law? |
Yes, Part 1 of constitution act
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What is POGG
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Peace, order and good government. |
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If Federal and Provincial law conflict name the fact that federal prevails over provincial
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Paramountcy
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What level of government deals with crime? |
Federal
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Name of highest court Alberta |
Alberta Court of Appeal |
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If court Quashes decision made by board what is the name given? |
Ceritori |
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Name given to decision by court that regulatory board acted out of it's jurisdiction?
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Ultra Vires |
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What is term used by courts to signify plantiff is out of time for filing claim? |
Statute Barred |
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How long is the time limitation for filing a claim? |
2 Years from the date you should have known breach of contract occurred.
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Statute that prohibits oil and gas fixed price? |
Competition Act
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3 principle AER or NEB must abide to? |
Right to notice, Right to know the case against you, and the right to be heard.
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Name of recent statute combining ERCB and Environmental and Sustainable Resource Development (ESRD)? |
Responsible Energy Development Act (REDA)
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Why was ERCB formed in the 50's
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To prevent wasteful flaring
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Purpose of conservation legislation?
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Minimize surface loss/destruction, maximize amount of oil and gas recovered, and to ensure that storage and transportation of gas both above and below is done as efficient as possible.
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3 Mandates of AER? |
Issue well licenses, ensure health and safety compliance, provide penalties for on going non-compliance
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Identify some frontier lands? |
Nunavut, Northwest Territories, Sable Islands.
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Name 2 federal statutes pertaining to frontier lands or oil and gas reserves |
Canadian Petroleum Resources act(CPRA) and the Canadian Oil an Gas Operations ACT(COGOA) |
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Two NEB matters |
Inter provincial pipelines, pipeline tolls and tarrifs. |
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Pros and Cons Sole proprietorship?
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Pro: Simplicity, independence, 100%profit
Con: personal liability, work alone. |
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Pros and Cons partnership |
Pro: Half the start up costs Con: Liable for you and your partners decisions |
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Pros and Cons of Corporation |
Pro: Limited liability
Con: Complexity |
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How do shareholders influence governance of a corporation? |
Vote for directors who are the mind and control of operation.
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Difference between General partnership and Limited partnership?
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general partners responsible for all debts and obligations. Limited partners only liable to the extent of their investment
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2 ways a business could be transferred to another corporation
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Asset sale, Merger
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Can a corporation be found guilty of a tort or a crime |
yes they will be fined but typically the directors involved will be facing a jail sentence
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What is identification theory? |
Specifies corporation is liable when person committing the wrong is the direction mind. |
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Which level of government has jurisdiction to make laws in employment? |
Both Federal and Provincial |
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Why is it important to distinguish between Contractor and Employee?
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Revenue Canada expects employers to collect and remit CPP, UEI and income tax on employees behalf
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Example of Employee standards? |
Minimum wage, vacations and vacation pay, maternity leave.
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What is it meant by agent |
Person to act on behalf of the other
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What is a bona fide occupational requirment? |
discriminatory practice necessary for safe and efficient working environment i.e Truck driver requiring license, Oil and gas worker required to stand for work wheel chair wont work.
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Duty to accomodate?
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Duty of employer to modify rules, practices, and requirements to meet the needs of individuals who would otherwise be discriminated. i.e employer making a office room wheelchair accessible for man in wheelchair
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What is a contract? |
Voluntary exchange of promises between two or more parties.
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Five basic elements of a contract? |
Intent Consensus Consideration Capacity Legality |
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Does a contract need to be in writing? |
No unless it is for Land or Marriage.
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What is meant by Privity of Contract?
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Only a party to the contract |
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Define Tort? |
Inherently wrongful activity that causes harm to a person or property |
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Difference and similarity between tort and contract |
Contract voluntary Tort non voluntary Both entitle wronged party to compensation |
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3 components that need to be present in a claim of negligence? |
Duty of Care, foreseeable harm, due diligence |
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Right of Subrogation? |
The right for the insurer to step into the shoes of the insured that it compensated to recover from the third party that caused the harm. |
