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166 Cards in this Set
- Front
- Back
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Why should business people study law?
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Studying law will help business people make the rigth choices from a legal perspective.
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What are the four basic strategies for managing risks?
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-Risk Avoidance
-Risk Reduction -Risk Shifting -Risk Aceptance. |
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What are three strategies for Risk Management that business often use?
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The three risk management strategies are:
-Insurance -Exclusion Clauses -Incorporation |
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Law
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A rule that can be enforced by the courts.
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What are the four areas of public law and the three areas of private law?
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The four areas of Public law are:
1-Constitutional 2-Criminal 2-Administrative 4-Tax The three areas of Private law: 1-Contract 2-Property 3-Tort. |
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What is one way in which tort and contract law are similar, and two ways in which they are different.
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They are similar in that they:
-Both involve primary and secondary obligation. They are diffrent in that they: -for a contract to be formed people must enter into a special relationship togther, whilst tort law is simply imposed upon people as a matter of law. 2- Because tort law is simply created by law, it is more likely to come upon one as a suprise, whereas contract law is basically never a suprise. |
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Explain how federalism is related to the division of powers.
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As a federal government Canada has two levels of government, which each have their alloted powers.
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Describe the Canadian Charter of Rigths and Freedoms and provide examples of how it can help or hurt a business.
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The charter was introduced to protect basic rigths and freedoms, if a business violates these freedoms by foristance discriminating unjustly against an employee, it hurts the bsuiness.
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Two meanings of the term Civil Law and three meanings of the term Common Law.
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Civil Law:
1-Dirived from ancient Rome 2-It can also refer to cases concerning private law rather than public law. Three meanings of the term Common law: 1-Derived from England 2-It can also refer to rules made by judges 3- and within the context of rules made by judges may refer to judges who sat in the court of law rather than the court of equity. |
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The History of Equity and the place of Equity today.
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The court of equity was created in England as an appelant court, in which people could appeal for a second chance. Now equity and law are combined into one system of laws.
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Describe Class Actions and how they can be used.
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A class action allows a single group person or a small group of people to sue on behalf of a larger group of claiments. For a class action to be allowed there must be:
1-A common issue 2-A representative plaintiff 3-Notification 4-It must be the Preferable proceedure 5-There must be Certification...it must be allowed. |
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Advantages and disadvantages of lawyers vs. Paralegals.
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Advantages/Disadvantages of lawyers:
1-Lawyers have expertise 2-They have mandatory Training 3-They are regulatorily regulated. 4-They are under mandatory codes of conduct. 5- priviledge. On the other hand they; -Are expensive and hard to access. Paralegals on the other hand: 1-Are affordable usually have expertise, and are easily accessible. However, they are not regulated, have no mandatory training, or codes of conduct and do not have a priviledge. |
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Winning a lawsuit vs. enforcing judgement.
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Although after winning a lawsuit actions can be taken to enforce the judegement...sometimes a judegemnt is really unenforceable. Before entering into a contrat therefore, you should ensure that the results you hope to get will be enforceable.
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Define costs and deicribe two situations in which a court may award higher costs than usual.
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Costs are expenses that a party incurred during the litigation process. Costs can be awarded higher than usual if:
1- if costs are awarded on a solicitor-client bases...the loser will have to pay for a much greater share of the winners actual costs. 2- if the lawsuit was frivolous and vexatious. |
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Describe Continquency Fee agreement.
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A contingency fee agreement requires a client to only pay...although pay more...its lawyer if the lawsuit id successful.
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Describe types of Trial courts and appeal courts.
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Some trial courts are:The trail division of the federal court and provincial courts.
Appeal Courts are: The supreme court of Canada, teh appeal division of the Federal court and every provinces court of appeal. |
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Small claims court
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Small claim courts deal with disputes concerning limited amounts of money. They are faster, cheaper and simpler than regular courts. However, they are subject to geographical limits, only certain types of claims and remedies...and have a monetary limit.
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Describe Court hierarchy and how it relates to the doctrine of precendent.
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The court of Canada are arranged in a hierarchy according to their importance, under the doctrine of precedentcy... any court must follow the courts that are above it in hierarchy.
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Identify forms of alternative dispute resolution and how they compare to litigation.
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-Negotiation
-Mediation -Arbitration Arbitration is the most like litigation...it also binds the parties to the decision of the arbitrator. |
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Define Pleadings and list five different kinds of pleadings.
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Pleadings are the documents that are used to identify the issues and clarify the nature of a dispute. The five kinds of pleadings are:
1-Statement of claim 2-Statement of Defence 3-Counterclaim 4-Reply 5-Demand for paticulars. |
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Torts and crimes similarities and diffrences.
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A tort is commited when someone commits an unlawful act against a person, whereas a crime is owed to society. In a crime the government prosecutes the accused, whereas in tort the plaintif sues the defendant. One thing to note is that a person can commit both a crime and a tort.
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Similaries and diffrences between tort and contract
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Both tort and contract law invlove primary and secondary obligation.
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Diffrence between intentional torts, negligence torts and strict liability torts.
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Intentional torts occur when a person intentionally acts in a certain way.
-Negligence torts occur when one person acts carelessly. -Strict liability torts occur when a person does something wrong without intending to do so....and without carelessly...he did something wrong and that is enough. |
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Explain when strict liability torts can occur.
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Strict liability is limited to situations in which the defendant is invloved in some extraordinarily dangerous activity.
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The nature of liability insurance and why it is important to businesses.
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Liability insurance protects a business from financial harm in the case of an court case.
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What is vicarious liability and how does it affect business people?
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Vicarious liabiltiy occurs when an employer is held liable for a tort that was commited by an employee. As a business that employes people, this is a significant risk that should be managed as much as possible.
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What is the diffrence between an employee and an idependant contractor in terms of risk management for the employer.
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A employer is only vicariously laibel for acts that an employee did, not for those of an independant contractor.
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What are the remedies available in tort law?
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The four remedies available in tort law are:
1- compensatory damages 2-punitive damages 3-nominal damages 4-injunctions. |
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What are the two important types of alternative compensation schemes.
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The two alternative compensation schemes are
-workers compensation -no-fault insurance. They were designed to enable people to be able to get compensation without having to prove that anyone has wrongfully done anything. |
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What are intentional torts and what defines intention?
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Intentional torts are those that have been done with intentional rather than merely careless conduct. As for "Intention" It is enough that the defendant knew that a paticular act could have paticular consequences.
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What are the torts of assualt and battery?
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Assualt Occurs when the defendant intentionally causes the plaintiff to believe that offensive bodily contact is imminent. Battery is offensive bodily contact.
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How can you remove unwanted customers fromm your premises without commiting the tort of battery?
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Businesses that migth be forced to remove rowdy customers must be carefull! They are allowed to use reasonable force, but must be carefull to go no further.
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Why is the concept of reasonable force important?
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Because business people cannot use any more than reasonable force in removing a tresspasser from your property.
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Why doesn't tort law include a tort of invasion of privacy.
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The four reasons that tort law does not include a tort of invasion of privacy are:
1-The courts want to support freedom of expression and information 2-They are concerned about striking a fair balance between parties 3-They are reluctant to award damages to celebrities that only want to be seen in a good ligth. 4-They find it difficult to put a compensatory damage on such a tort. |
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What are the five ways in which tort law indirectly protects privacy.
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1- through the tort of trespass to land
2-breach of confidence 3-Abuse of private information 4-misappropriation of personality 5-negligence |
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What is the tort of false imprisonment and how can a business protect itself from liability in this area?
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Flase imprisonment occurs when a person is confined within an area without justification. A business can reduce liability by calling a police oficer, instead of directly arresting a suspect.
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What is malicious prosecution?
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It occurs when the defendant improperly causes the plaintiff to suffer a loss.
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What is the tort of Tresspass to land, and when am I allowed to keep people from coming on my premises.
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Trespass to land occurs when the defendant improperly interfenes with the plaintiffs land. A business can revoke its consent to allow customers on the premises...as long as it is not on the grounds of one of the prohibted HRL grounds.
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What torts protect the possesion of chattels and what is the danger when stolen goods are bought by mistake?
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The torts that protect the possesion of chattels are
1-trespass to chattels 2-conversion 3-Detinue If you bu goods from someone who is not really entitles to sell them you may be liable for the tort of conversion...interfening with the plaintiff'd chattels. |
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Describe the tort of conspiracy and explain the risk associated with it.
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Conspiracy occurs when two or more people agree to act together with teh primary purpose of causing the plaintiff to suffer a financial loss.
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What are two ways in which a business can commit the tort of intimidation?
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-Two-party intimidation... occurs when the plaintiff is directly intimidated by the defendant.
1Three-party intimidation...when the defendant intimidates a third party into acting in a way that hurts the plaintiff. |
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What is the diffrence between direct inducement of breach of contract and indirect inducement of breach of contract?
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The main diffrence is that direct inducement is known and done with the intention of causing the party to break its other contract, while the other could be unknowingly done.
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What is unlawful interverance with contractual relations?
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Occurs when the defendant disrupts a contract that the plaintiff has with another party.
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What are the elements of the tort of deceit?
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The defendant may be held liable for:
-Telling a half truth -Failing to update information |
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What is occupier liability?
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Under Occupiers liability you are required to protect visitors from harm.
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What are the situation in which the courts may award liability on a business for the tort of nuissance.
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-If the defendant interferes with the plaintiffs use of his land including:
-Physical damage -Impairment of enjoyment -non-intrusive nuisance |
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What is the nature and function of the concept of a duty of care?
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The duty of care ocurs if the defendant is required to use reasonable care to avoid injuring the plaintiff. For there to be a duty of care there must be:
-Reasonable forseeability -Proximity ...there was a relationship of proximity between parties. -Policy ...there are no compelling reasons to injure the plaintiff. |
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What is reasonable forseeability and how does it relate to the concept of negligence?
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Reasonable forseeability is there if a reasonable person in the defendants position could have recognized that possibility. It allows that the defendant is only liable under negligence for the injuries that he reasonably could have avoided.
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What is proximity and what role does it play in negligent statements?
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The basic idea of proximity is that there must be a close and direct physical connection between parties....
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What does the role of policy play in determining the tort of negligence.
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Before the duty of care is said to exist, the court must decide if it will be dimissed on policy reasons...What effect does imposing the duty of care in this case have upon our legal system?
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What are the cases in which a court decided that a proffesional has acted carelessly?
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Proffesionals must:
-Live up to the training they received or claim to have received. -More may be expected of a specialist than of a generalist -Special allowances are not made for beginners. If those reasonabel expectations that people have of professionals fails, they have breached the standart of care. |
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What is the nature and function of the BUT-FOR test?
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The question asked is: BUT-FOR the defendants carelesness, would the palintiff have suffered a loss? if the answer is yes, the defendant cannot be held liable, if the answer id no, the defendant can be held liable.
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What is the defence of contributory negligence?
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Contribuatory negligence occurs when a loss is caused partly by the defendant's own carelessness and partly by the defendants carelesness...liability will be dealt with accordingly
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How has the court limited the defence of voluntary assumption of risk?
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Voluntary assumption of risk can be avoided in many ways...including being able to prove that the signee was incapacitated, or was being hurried.
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What is the scope of the defence of illigality?
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It is an unpopular defence in courts because it is a complete defence...either the defendant is all liable, or the plaintiff is all liable....as with voluntary assumption of risk.
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What is a reasonable person and how does it relate to the standart of care/
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the reasonable person test states that the defendant must act in the same way as a reasonable person would in the same circumstances. If the person acted in that way there is no liability, if he breached the standard by acting less carefully, he will have breached the standard of care.
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How do you know that the standard of care has been breached?
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The standard of care has been breached when the defendant acted less carefully than a reasonable person would in the same circumstances. It is based on the reasonable person test.
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What are three esential elements of a contract?
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1-Parties must have an intention to enter into legal obligations.
2-There must be a mutual agreement through the process of an offer and acceptance. 3- each party must give consideration. |
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What are the situations in which people do or do not have the intentions to enter into legal obligations.
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Whether a person had the intention of entering into a legal obligation or not is usually based on the reasonable person test. Would a reasonable person have believed that the parties intenede to enter into the contract?
Remember that a reasonable person usually does not enter into unreasonable contracts. |
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What is the diffrence between an offer and an invitation to treat.
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An offer is an indication of a willingness to inter into a contract on certain terms. An invitation to treat is an indication of a willingness to receive an offer.
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What are the five ways in which an offer may cease to exist?
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An offer can cease to exist through:
1-Revocation 2-Lapse of time 3-Death or insanity 4-Rejection 5-Counter offer. |
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What really is a firm offer?
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A firm offer occurs when an offer promises to hold an offer open for acceptance for a certain period...it should be supported by consideration.
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What is the role of an offer and acceptance in the tendering process?
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A tender is an offer to undertake a project on paticular term. Usually the tendering process starts with an invitation to treat followed by an offer amd concludes with acceptance of the offer. or can can happen that an offer for a tendering process is opened, followed by acceptance of a company of that offer...who wants to build the new city hall? I do!
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How do the courts reslove a battle of forms?
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The judge will consider
-What the usualy practice is in that specific field -What the past dealings of the companies have been like. AND what froms if any the companies have signed. |
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What is the difference beween aceptance by promise and acceptance by preformance.
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A bilateral contract occurs when a promise is exchanged for a promise...acceptance by promise.A unilateral contract occurs when an act is exchanged for a promise.
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Can an offer ever be acepted by silence or conduct?
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An offer is accpeted by silence only if the silence is accompanied by suportive actions of the other partie...silence itself cannot be acceptance of a contract. Conduct can sometimes be seen as exeptance...only if a reasonable person would consider your conduct as acceptance. Conduct...shaking my hand and nodding yes instead of saying yes.
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What is the postal rule?
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The postal rule states that when acceptance is sent in a way that involves subtancial delay...like regular mail. The contract is form when and where the offeree sends it.
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What is consideration and what is the role that it plays in contracts?
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Consideration exits when both parties give or suffer something to themselves to back up a contract...without it a contract would simply be a gratitous contract, and it not legally enforceable.
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Why can't past consideration support a contract?
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Under teh concept of mutuality of consideration, both parties provide consideration in turn for the other parties consideration...with pat consideration this is obviously not the case...it is not given in echange for the other parties consideration and therefore will not support a contract.
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What is the diffrence between
-Pre-existing public duties -Pre-existing contractual obligations -Pre-existing contractual obligations to a third party. |
Even though a party can't be supported by past consideration, it can be supported by a promise to fulfill a pre-existing obligation. Pre-existing public duty, and a pre-existing contractual obligation to the same party cannot be used as consideration to back up on agreement...However, pre-existing obligations to a third party can be good consideration for a new contract.
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Seals?
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A seal is a mark that is put on a paper to indicate the parties intention to be bound to the contract.
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What is promissory estopell and what are its 4 requirements?
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Promissory estoppel is a doctrine that prevents a party from retracting its promise that the other party has relied upon.
1-The representor must clearl indicate that it will not rnforce its legal rigths against the represntee. 2-The representee must rely on the statement. 3- The representee must not be quilty of inequitable behavior. 4-The representor's statement must be made in teh context of an existing legal relationship. |
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What is privity of contract and what is its relationship to the concept of consideration/
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Privity of contract refers to the relationship that exists between between the individuals who create the contract. Only those people who are parties to the contract can sue or be sued...it is tied to the concept of consideration because it is often said that only a person who has provided something of value can sue or be sued in contract.
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What is the difference between equitable assignments and statutory assignments...and how do they play an exeption to the privity of contract rule/
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An equitable assignment is an assignment that was traditionally enforced by the courts of equity. a statuatory assignment is an assignment that conforms with the requiremnets of a statue. The diffrences are:
-Statuatory assignmnets must be written, equitable assignments need not be written. -Wrtitten notice to the debtor is required under the stauaory assignmnet while under the equitable one it is not. -A statuaotory assignment must be absolute..it cannot be conditional, or incomplete. Under an assignment one can transfer his rigths onto a third party...making that party part of the contract as well. |
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Explain how a trust can be used to create an apparent excertion to the privity of contract rule.
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Trusts occur when one person administers property on behalf of another. It is an exeption to the privity concept as an equitable concept of trust.
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What are 2 types of statutes that provide expetions ot the privity of contract rule?
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The two statutes that provide exeptions to the privity of contract concept:
-Assignments by law "Under bankruptcy and death" -Vicarious preformance ...allowing another party to preforms his obligations. |
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Why and when will employees be entitled to enforce exclusion clauses that are contained in contracts to which thay are strangers.
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An employee may in some circumstances...especially if he didn't act carelessly, rely upon exclusion clauses that were created for his benefit...even though they lack privity of contract.
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What are the legal effect of the three diffrent kinds of misrepresentation/
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The only legal remedy availible for innocent misrepresentation is rescission, the same goes for negligent misrepresentation....liability under fraudulent misrepresentation arises under the tort of deceit...the defences are accordingly.
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When why and how might a court imply a term into a contract?
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A court will only imply a term into a contract when the implied term is neccessary...
1-if it is an obvious consequence of the parties agreement 2-It is required for the purpose of business efficacy. |
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What are ticket contracts?
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Ticket contracts are standart form agreements that usually take place in the form of a ticket or receipt...they only are binding if the people have been given reasonable notice....if a reasonable person would not have know about the printing on the back of the ticket he/she will not be held liable to it.
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Advantages/disadvantages of standard form agreements.
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Advantages:
-They are easily acessaible and easy to use. -and it saves money and time. However -standart form agreements can be long and complex, and few customers actually read and understand them. -They usually are not able to be bargained on. |
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Identify six parties that have incapacity to contract.
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The six parties that have incapasibility to contract are:
-Minors -Mentally disabled persons -Corporations -Associations -Indian bands -Public authorities. |
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What is the diffrence between a voidable and an enforceable contract when made with a minor?
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A contract made with a minor is voidable by them unless it was made made to their benefits, or contracts that are neccessary like food,clothing contracts ect.
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What does it mean for a corporation to act beyond its capacity?
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Statuatory corporations are limited in their ability to contract by the powers given them through legislation. If the corporations acts outside of those powers, it acts ultra vires and lacks capacity.
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What contracts must be in writting and how...what are the legal effects of non-compliance?
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Guarantees and contracts for the sale of an interest of land must be in writting. The document must:
-Provide evidence of the essential elements of the contract. -By signed by the parties. If the contracts are not in writting they are unenforceable...if one party does not preform the other cannot demand a remedy. |
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How do writting requirements protect consumers?
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They help prevent the exploitation of customers and prevent disputes about the terms of the documents.
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When is a contract frustrated...when is it not?
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A contract is frustrated when some event makes preformance impossibel or has the effect of radically undermining its very purpose...it applies only if neither partie is responsible for the event.
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What factors are taken into acount to detrmine whether a contract is legal or not...what is the doctrine of public policy...its effect?
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The common law is unwilling to recognize agreements that are contrary to pucblic policy, or if it aims to commit a crime or tort. The doctrine of public policy states that the common law will not recognize agreements that are damaging to the countries safety or forgein relations...or that interfere with the administration of justice, that promote coruption or promote sexual immorality.
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What is duress of goods and what is economic duress/
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Duress of goods occurs when one person seizes or threatens to seize another persons goods to force that person to create a contract.
Economic duress arises when a person enters into a contractual arrangement after being threatened with financial harm. |
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What is the diffrence between undue influence and unconsionable transactions...when is presumption created in each case?
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Undue influence is the use of pressure to overpower the will of a weaker party into creating the contract. an unconscionable transaction is an arangement that no rigth minded person would have entered into. It is the defendants duty to rebut the presumption of both.
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When can a contract be defective?
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Through
-Incapicity -Absence in writting -Mistake -Frustration -Unfairness during bargaining. |
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What is a discharged contract and what is the effect?
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A contract is discharged when the parties are relieved of the need to do anything more under the contract it can occur under:
-Preformance -Agreement or intention -Operation of law -Breach |
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How can a contract be discharged by preformance?
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Under preformance...time is not of essence...it can be preformed late if so neccessary...the preformance need not by all-satisfying...it must however be complete only vvery unesential things can be left out without consequence.
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What are the circumstances in which time is of essence?
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Time is of essence if the parties agreed to that fact or if the time falls outside of a reasonable time period.
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What is a diffrence between a condition subsequent true condition precedent and condition precedent.
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A condition precedent is a contractual term that states that the agreement will be terminated if a certain event occurs
A true condition precedent is a contractual term that states an that an agreement will come into excistence only, if and when a certain event occurs. A condition subsequent is a term that causes an existing contract to come to an end if a certain event occurs. |
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What is the diffrence between recission, accord and satisfaction and release?
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Recission occurs when the parties agree to bring a contract to an end. Accord and satisfaction occurs when a party gives up his rigth to demand preformance of a ocntract in exchange for something else. Release is an agreement under seal to vary the terms of the existing contract.
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What is the diffrence of variation and novation?
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Variation involves an agreement to vary the existing terms of a contract...requiring fresh consideration on both sided.
Novation a process in which one contract is discharged and replaced with the other...it also must be supported by consideration. |
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Under what circumstances is a contractual rigth waived?
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A waiver is only effective when and if the party who received the waiver relied on it...that there is clear evidence that the other party intended to waive its rigths.
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Under which three circumstances migth a contract be discharged by operation of law?
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A contract will be discharged by operation of law if there is:
1-Frustrated 2-lapse of limitation period 3-bankruptcy |
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What is the difference between conditions,warranties and intermediate terms
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A term is a condition if an innocent party would be substancially deprived of the expected benefit of the contract if a breach occured.
A warranty is a term with which the innocent party would not be substanceally deprives if a breach occured. Lastlt, and intermidiate term is one where the effect of the breach is uncertain...unbekownst. |
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When may a contract be discharged for breach?
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A contract can be breached if there is:
-defective preformance -anticipatory breach -self-induced impossibility. |
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Describe the three diffrenent kinds of breach.
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A breach occurs if:
-Defective preformance...failure to properly preform -Anticipatory breach...the defendant shows they will breach the contract if continued. -Self-induced impossibility....one of the parties makes preformance impossible. |
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What are damages and why do court only award damages for a breach of contract.
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Damages is an award of money that is intended to cure a wrongful event such as a breach of contract...usually only monetary compensation is given for breach of contract becuse it is sufficeint.
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Describe expectational damages and how they are calculated.
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Expectational damages represent the monetary value of the benefit that the plaintiff expected to receive under the contract....they are calculated by substracting the costs under the contract from the expected benefits.
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What are 2 important limitations to the availibility of expectation damages?
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The expectational damages are difficult to calculate if the loss is an intangeable loss, or if the loss is remote.
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What is the diffrence between reliance damages and expectation damages?
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Reliance damages represent the monetary value of the expenses hat the plaintiff wasted under the contract....expectation damages look forward whilst reliance damages look backward.
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The concept of acounts of profit and when can that sort of remedy be availible for a breach in contract.
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An acounts for profit...occurs when the plaintiff complains about the defendants gain....it is not usually given as a remedy for breach in contract...and even if it is is very hard at the moment to predict.
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What is the diffrence between nominal damages and punitive damages?...how are they calculated?
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Nominal damages symbolize the fact that the plaintiff did wrong...they are small. Punitve damages are intended to punish the defendant...they are rarely awarded.
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Liquidated damages/penalties?
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A penalty requires a party to pay an exorbitatant amount if he breaches the contract. Liquidated damages represent a genuine attempt to calculate the cost that will be involved when a contract was breached.
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Specific preformance/injunctions when are they awarded.
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Specific preformance is dicretionary...it may or may not be granted...as with injunctions.
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How do exclusion clauses apply under contracts that are discharged for breach?
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Exclusion clauses limit the liability for a breach of contract.
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Why should business managers know the sale of goods act?
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Becasue how can you avoid risks that you are not aware of?
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What is a sale of good?
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A sale of goods is a contract whereby the seller agrees to transfer the property in goods to the buyer for a money consideration called a price.
A sale occurs if the buyer obtains ownership as soon as the contract is created....it has to be ready to go.An agreement to sell occurs if the buyer does not obtain ownership of the goods until some time after the contract is created. |
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What are the terms when property and risk passes form the seller to the buyer?
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Property passes when the ownership ot title in goods is transferred from one seller to the buyer. Risk passes with the property unless the parties otherwise agree.
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What are the rules that the act implies in regard to the sellers title to sell?
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A person who does not actually own the goods cannot normally transfer ownership to you....the act therefore implies that the seller either has the rigth to sell the property or will have the rigth when the transfer occurs. The act also implies a warranty that thebuyer will receive a clear title.
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What are the rules that apply to a sale by sample?
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If the goods are bought by sample as well as description, the store is required to deliver both as the sample ans as the discription states. The store must also deliver goods that are of the same quality.
The store must give you reasonable opportunity to compare the goods to the sample. The goods must be free from any defect that a reasonable examination would not have discovered. |
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What is the diffrence between merchantibility and fit for the intended purpose.
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A ggod is merchantible if a reasonable person would buy them without a reduction in price, dispute knowing its imperfections.
A good is fit for a buyers intended purpose, if the buyer can safely and fully use it for the use that he was going to use it for. |
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What rules does the act imply concerning delivery and payment.
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Unless otherwise agreed...delivery and payment should occur at the same time, time of delivery is a condition...time of payment is a warranty.
Delivery usually occurs at the sellers place of business. Seller must deliver goods that conform to the contract. |
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What is an action for price and how does it differ from a claim of damages?
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An action of price occurs when the seller sues the buyer for the price of the goods. the diffrence is that with damages you have someone pay for the costs you incurred, with an action for price, the buyer is forced to buy the product....it is only avaialable if:
1-the property has already passes to the buyer 2-the contract requires payment to be made on a certain date and the buyer fails to do so. |
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What is the diffrence bewteen a lien and a stoppage in stransit?
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With a lien the seller is entitles to retain possesion of the goods until paymnet is made.
With a stoppage in transit, the seller is entitled to prevent a carrier from delivering goods until the payment is made, even if property has passed to the buyer. |
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How can a seller excercise the rigth of repossesion?
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The seller has the rigth of repossesion when:
-The goods purchased by the buyer are for his business not for personal use. -The seller delivers goods to the buyer without receiving full payment. -the seller provides written notice to the byers trustee in bankruptcy within 30 days after dilivery -The buyer becomes nankrupt or insolvient -the goods still belong to the buyer. |
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What are the five requiremnets that an negotiable instrument must comply with?
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1-It must be written and signed.
2-Clearly identify the parties 3-contain an obligation to pay a specific amount of money 4-clearly state the time of payment 5-contain an uncondition obligation |
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What are the seven main forms of endorsement
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1-special
2-identifying 3-qualifying 4-conditional 5-accomidation 6-general 7-restrictive |
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What are the three defences
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1-Personal defence: availible against immediate parties
2-Defect in Title defence 3-Real defences |
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Name three types of estates and how they differ.
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1-Fee simple...almost absolute ownership...the only restrictions are the unatural use of land and zoning ect.
2-Life estate Entitles a person possesion of the preopty for the duration of an entire life. 3-Leasehold eastate when a person has exclusive rigths to a property for a specific period of time. |
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What is expropriation...how does it arise to etical issues?
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Expropriation occurs when the governmnet takes property for a public purpose.
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What is the difference between co-ownership and joint tenancy?
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Joint-ownership occurs when two or more people share exactly the same interest in a property...co-ownership occurs when two or more people share an undivided interest in a property.....they do not have exactly the same interest.
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What is an easement?
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An easement is a rigth to use your neigbors land, it is created through:
1-express agreement by bothe parties 2-Implied agreement by both parties 3-Prescription |
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What are two types of interests where the differemce between dominant teneants and servient tenements is improtant.
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Restrictive covenants: a promise to use a piece of land in a way that benefits one property and burdens another.
2-Mineral/lease..profit a pendre a rigth to take something valuable form the sellers land. |
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What are the diffrence t kinds of leases?
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1-Fixed term tanancy
2-periodic tenancy 3-tenancy at will 4-tenacy at sufferance. |
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What si the difference between assignmnet and sublease/
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An assignment occurs when a contractual party transfers its rigths to a thris party.
A sublease occurs when a tenant grants a lease to a third party. |
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What is queit possesion
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The covenant for queit possesion prohibit sthe landlord from interfeering with the tenants enjoyment of the property.
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What is the concept of indefeasability?
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The concept of indefeasability means that with very few exeptions the interest of land that re included in a certificate of title cannot be defeated.
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What are five types of unregistered interest that may be enforceable against the owner of a registered interest.
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1-Short-term lease
2-Prescription and adverse possesion 3-public easements 4-unpiad taxes 5- Unpaid creditors. |
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What is teh prupose of an agreement for the purcahse of and sale..what are the roles of the conditions often used in tit?
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An agreement for the purchase and sale of land creates a contract for the sale of land conditions are requirements that must be met before a contract can close.
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Describe a mortgage.
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A mortage is an interest in land to provides security for the repayment of a debt.
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What are the diffrences of a mortage under the registry system a a mortage under the land titles system...and what are three times that the diffrence has pratical effects?
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If the land is held under the land titles system a mortage creates a charge over the property...a cherge occurs when the mortgagor agrees that the land will be available to the mortagee if the debt is not repaid. when land is held under the redistry system however, it involves a conveyance of title...the mortagee becomes the legal owner.
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What are four remedies that may be available to a mortgagee if the mortgagor does not repay?
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1-Suing on the covenant
2-possesion of the property 3-Foreclosure 4-Sale |
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what is real property and what is personal property.
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Real property is immoveable, whereas personal property is moveable.
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What are four ways that personal property rigths can be aquired and four ways in which they can be brought to an end.
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Aquired:
1-Buying 2-Renting 3-Taking possesion 4-Giving Losing: 1-Selling 2-Renting 3-Destroying 4-Abandoning |
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What is a bailment?
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A bailment occurs when one person temporarily gives up possesion of property with the expectation of getting it back.
A bailor is the person who delivers the preopert, the bailee is the person who receives the property. |
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What is a lein/rigth of sale?
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A lien is teh bailee's rigth to retain possesion of the property until the bailor pays a debt.
The rigth of sale allows the bailee to sell the bailors property to obtain payment of the bailors debt. |
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What are the five factors that a judge will use to determine how a reasonable person would have acted in a bailment?
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1-Contract/custom/statue
2-Benefit of the bailment 3-Gratuity or reward 4-Value and nature if the property 5-Bailee's expertise. |
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What is the process of a sub-bailment?
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A sub-bailment occurs when property that is being held under a bailment is transferred into a further bailment.
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What is the diffrence between third-party insurance and first party insurance?
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Third-party insurance provides third-party coverage. First party insurance only provides first paty coversge.
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What is indemnification/Insurable interest//excessive insurance/insuffiencent insurance?
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Indemnification is a reimbursement for a loss that occured. Insurable interest exists if a person benefits from the sxistence of the property and would be worse of if it were damaged....you can only obatin insurance for such property.Ecxessive insurance...too much
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Subrogration?
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Allows the insurance company to stand in the insured party's place and aquire rigths against third-parties.
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What are internal and external information assests?
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Internal information assests are business models, information systems ect. External assets are good will and reputation of a bsuiness.
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What are the legal risks asscoiated with the creation and use of information based assests?
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Copyrigth infringement, Passing off...using a confusingly similar trade mark,Trademark infringements Exploitation of patents, Patent infringement.
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When does a copyrigth qualify for protection?
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1-a work must be original
2-It must be in fixed form 3-be created in a copyrigth convention member state. |
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What are the general strategies adopted in electronic commerce?
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Electric commerce is governened n Canada by the Uniform Electric Commerce AcT OR UECA.
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How do we know that a click-wrap or web-wrap contract is enforceabel?
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The contract should be designed in such a way that it is easy to read, and all the conditions are easily seen and underastood+ it is uasually good to require a person to re-confirm their agreement to the contract and to display a warning that the contract is binding.
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What are four ways in which an agency can be created?
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An agency can be created through:
1- Express agreement 2-Apparent authority 3-Ractification 4-through a pre-incorporation contract. |
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What is the difference between actual authority and apparent authority?
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Actaul authority has been actually given by the principal himself. Apparant authority is created when the principal creates a reasonable impression that the agent is authorized.
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What are three situations in which an agents fiduciary duty to act in the best interest of a principle may limit the agents business opertunities.
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-As an agent you are required to disclose to the principal any nformation that may be relied upon to the principals best interests.
2-You cannot personally profit from the unauthorized use of information or oppertunities that arose out of the business relationships. 3-An agent cannot compete with a principal. |
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What five events will terminate an agency?
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1-Notice of the termination by either party
2-The contract ends 3-..the period of the agency is completed 4-Preformance of the agency becomes impossible 5-Principal dies or becomes bankrupt. |
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What can a principal do to manage risks involved with the agent?
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The principal should ensure that the agent has actual athority and has clearly stated in a contract what the agent is and is not allowed to do.
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What are the 4 forms of business organization?
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1-Sole proprietorship
2-general partnerships 3-limited partnerships 4-corporations |
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When does a partnership come into existence?
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Partnership is a form od business organization that comes into existence when two or more persons carry on business togther with a view of profit.
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What are the basic powers and responsibilities of Shareholder, officers and directors?
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Shareholders: the only power they have is to vote.
Directors are responsible for managing or supervising management. Officers excercise power in management that has been given them by the directors. |
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How can a creditor manage the risk that he will not receive payment/
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A creditor may wish to take a security interest which allows the creditor to seize and sell the collateral if the debtor does not fulfill its obligations...it is ualually linked to a specific piece of property.
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What are the three main ways that security interests are created?
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Security interests are created through:
1-conditional sales 2-security interests in specific assests 3-special security interest created under the bank act...banks may take specific kinds of goods as their security interests. |
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What is the difference between an assignmnet/petition and proposal?
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An assignment is a procedure by which a debtor voluntarily assigns itself into backruptcy state. Petition is where the creditors request that the court put the person into bankruptcy and proposal is a court approved contract which essential gives the debtor a second chance.
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The four officials that play a role in the bankruptcy process are:
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Superintendant of bankruptcy
Official receiver Trustee in bankruptcy Bankruptcy court |
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What are bona fide occupational requirements?
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The BFOR or bone fide requirement justifiec discrimination that would normally not be allowed because the discrimination was neccessary to adequaltly preform the job...firefigthers should not be smaller than a certain heigth and weight less than a certain amount....or more than a certain amount ect.
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When does the employer have a just cause to fire the employee?
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1-Absenteeism...abstaining fro work.
2-subtance abuse 3-incompetence or carelessness 4-conflicts of interests 5- criminal behavior 6-dishonesty or disobedience |
