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602 Cards in this Set
- Front
- Back
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Risk Management
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The process of
-identifying -Evaluating -Responding to the possibility of harmful events. |
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Law
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A rule that can be enforced by the courts.
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Civil Law
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Law that traces its roots back to the history of the ancient Rome.
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Jurisdiction
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A geographical area that uses the same set of laws.
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Common Law
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A system that races its roots back to England.
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Public Law
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Is concerned with governements and the way they deal with their citizens. Its areas include;
-Constitutional matters -Administrative law -Criminal Law -Tax Laws |
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Private Law
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Is concerned with the rules that apply in private matters. Its areas include:
-Contract Law -Tort Law -Property Law |
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Tort
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A private wrong.
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Law of Contracts
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Is concerned with the creation and reinforcement of contracts. The areas include;
-Sale of Goods -Negotiable instruments -Real Estate Transactions -Corporations -Employment |
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Law of Property
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Is concerned with the aquisition, use and disposition of property.
It is concerned with; -Real Property -Personal Property -Intellectual Property |
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Constitution
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The document that creates the basic rules for Canadian society, including its political and legal systems.
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Federal Country
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A country with two levels of government. Canada is a federal country because it has:
-Federal government .... the parliament of Canada -Provincial or territorial government. |
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Division of Powers
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A law that states the areas in which each level of government can create laws.
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Division of Powers-Federal
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The Federal Government can make laws in the following areas;
-Criminal Law -Taxation -Banks -Unemployment insurance -Money -Bankruptcy and insolvency -International/interprovincial trade and commerce -Navigation and shipping -Copyrigth -Any atter that is not exclusively given to the provincial government. |
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Division of Powers- Provincial
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The provincial or teritotial Government can make laws in the following areas:
-Property and Civil Rigths [Contracts/torts] -Direct Taxation for provincial purposes -Corporations with provincial objects -The creation of municipalities -Matters of a local or private nature within a province. |
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Ultra Vires
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Acting outside the scope of its power.
If a government acts Ultra Vires, it has acted outside of the scope of the powers given by the division of powers and the law or rule that is Ultra Vires is of no force or effect. |
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Charter Remedies
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If the Charter of Rigths and Freedoms has been violated the following are the available remedies.
-Declaration -Injunction -Striking down -Reading in or reading down -Damages |
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Parliamentary Supremacy
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While judges are supposed to interpret constitutional and statuatory documents they must also obey them.
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Legislation
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A law that is created by parliament or a legislative .
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Subordinate Legislation
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The term given to rules that are created with the authority of parliament or the legislative by someone else such as a government minister, commission or tribunal.
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Municipality
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A town or city
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By-Law
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A type of subordinate legislation that is created by a municipality.
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Equity
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Justice or fairness.
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Litigation
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The system of solving disputed in court.
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Class action
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Allows a single person or group of persons to sue on behalf of a larger group of individuals. A few things must be the case of a class action to be allowed.
1- There must be a common issue 2-A representative Plaintiff 3- Notification 4-It must be the prefferd procedure 5-Certification [The courts decision to allow the action.] |
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Proffesional Liability Insurance
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Allows a client to receive compensation from the lawyers insurance company if the lawyer has acted carelessly.
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Assurance fund
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Provides compensation to people who are hurt by dishonest lawyers.
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Paralegal
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A person who is not a lawyer, but provides legal advice and services as a lawyer.The main diffrence is that they their actions are not regulated in any way.
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Pleading
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A document that is used to identify the issues and clarify the nature of a dispute. Some are prepared by the plaintiff and some by the defendant
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Limitation period
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A period of time within which an action must be started.
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A Statement of Claim
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A document in which the plaintiff outlines the nature of the complaint. It states the facts that the plaintiff is ryling upon and the remedy he/she wants to receive.
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Statement of Defence
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A document in which the defendent sets out its version of the facts and indicted how it itends to deny the claim.
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Counterclaim
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A claim that the defendant makes to the plaintiff.
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Demand For Particulars
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A document that requires the other party to provide additional information.
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Reply
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A document in which the party responds to a statement of defence.
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Examination for discovery
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A process in which the parties ask each other questions in order to obtain information about the case.
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Settlement
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Occurs when the parties agree to resolve their dispute out of court.
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Pre-Trail Conference
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A meeting that occurs between the parties and the judge, in which the parties outline their positions and the judge indicates which is likely to win.
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Mediation
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A nuetral person-called a mediator- helps parties reach an agreement.
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Evidence
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Consists of the information that is provided in support of the argument.
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Hearsay Evidence
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Information that a witness heard from someone else, rather than directly from the source.
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Arbitration
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A process in which a nuetral third person imposes a decision on the parties.
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Liability Insurance
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A contract in which an insurance company agrees, in exchange for a price to pay the expenses that are associated with lawsuits brought against the insured party.
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Duty to defend
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Requires an insurance company to pay the expenses associated with lawsuits brought against the insured party.
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Compensatory function
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Aims to fully compensate people who are wronfully injured
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Deterrence function
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Discourages people from commiting torts by threatening to hold them liable for the losses they cause.
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Nominal Damages
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Symbolically recognize that the defendant commited a tort even though the plaintiff did not suffer any loss.
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Injunction
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A court order that requires the defendant to do something or to refrain from doing something.
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Alternative compensation scheme
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A system that allows a person who has suffered an injury to receive compensation without bringing action in tort.
-Workers compensation -No-fault insurance |
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Intentional torts
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Involve intentional rather than merely careless conduct. the torts are:
-Battery -Assualt -Invasion of privacy -Flase Imprisonment -Trespass to land -Interference with chattels |
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Assualt
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Occurs when the defndant cause the plaintiff to reasobably belive the offensive bosily contact is imminent.
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Battery
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Offensive bodily contact.
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Invasion of Privacy
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Invasion of Privacy is indirectly protected by:
-trespass to land -Breach of Confidence -Abuse of private information -Misappropriation of personality -Negligence |
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False imprisonment
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Occurs when a person is confined in a fixed area without justification.
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Malicious Prosecution
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Occurs when the defendant improperly causes the plaintif to be prosecuted.
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Trespass to Land
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Occurs when the defendant improperly interferes with the plaintiff's land.
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Chattels
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Moveable forms of property
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Trespass to Chattels
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Occurs when the defendant interferes with chattels in the plaintiff's possesion.
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Conversion
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Occurs when the defendant interfenes with the plaintiff's chattels in such a way that is serious enough to justify a forced sale.
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Detinue
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Occurs when the defendant fails to return a chattel that the plaintiff is entitled to posses.
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Rigth of Recaption
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Allows a person to take back their own property...with no more than reasonable force.
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Conspiracy
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Occurs when two or more people agree to act togther with the primary purpose of causing the plaintif to suffer a loss.
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Intimidation
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Occurs when the plaintiff suffers a loss as a result of the defendants threat to commit an unlawful act against either the plaintiff or a third party.
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Two-party intimidation
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Occurs when the plaintiff is directly coerced into suffring a loss.
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Three-party intimidation
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Occurs when the defendant coerces a third party into acting in a way that hurts the plaintiff.
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Interference with Contractual Relations
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Occurs when the defendant disrupts a contract with another party
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Direct Inducement to breach of contract
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Occurs when the defendant directly persuades a third party to break its contract with the plaintiff.
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Indirect Inducement of breach
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Occurs when the defendant indirectly pursuades a third party to break its contract with the plaintiff
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Unlawful interverance with contractual relations.
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May occur if the defendant commits and unlawful act for the purpose of causing the plaintiff to suffer an economic loss.
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Deceit
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Occurs if the defendant makes a false statement, which it knows to be untrue, with which it intends to mislead the plaintiff , and which causes the plaintiff to suffer a loss.
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Occupiers liability
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Requires an occupier of premises to protect visitors from harm.
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Occupier
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Any person who has substancial control over premises.
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Premises
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More than land, planes, elevators, cars ...really anything you own that people can go on in or over.
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Nuisance
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Occurs when the defendant unreasonably interferes with the plaintiffs enjoyment and use of his own property.
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Statuatory authority
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A defence that claims that the defendant caused a nuisance when acting under legislation. It is only the case if the result was inevitably teh result of the authorized activity.
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Rylands vs.Fletcher
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The defendant can be held strictly liable for a non-natural use of land if something escapes from its property and injures the plaintiff.
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Defamation
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Occurs when the defendant makes a false statement that could lead a reasonable person to think lower of the plaintiff.
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Slander
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Defamatory statement that is spoken.
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Libel
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Defamatory statement that is written.
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Publication
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Occurs when a statement is communicated to a third party.
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Justification
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Occurs if the defendants statement is true.
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Priviledge
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An immunity from liability...it allows people to say what they need to say without a fear of being sued.
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Fair Comment
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An honest expression of opinion regarding a matter of public importance.
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Injurious Falsehood
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Occurs when the defendant makes a false statement about the plaintiffs business that causes the plaintiff to suffer a loss.
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Negligence
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Carelessly causing injury to a plaintiff.
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Duty of care
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Occurs when the defendant is required to use reasonable care to avoid injuring the plaintiff.
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Standard of care
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Tells the defendant how it shoud act.
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Reasonable person test
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Requires that the defendant acts in the same way that a reasonable person would act in similar circumstances
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Product liability
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Can occur when a person is injured by a product.
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But-For test
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Requires the plaintiff to prove that it would not have suffered that loss but-for the defendants carelessness.
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Thin-skull case
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A case in which the plaintiff was unusually vulnerable to injury.
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Intervening act
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An event that occurs after the defendants carelessness and that causes the plaintiff to suffer an additional injury. Was it reasonably forseeable that this event migth occur?
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Contract
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An agreement that creates rigths and obligations that can be enforced in law.
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Meeting of the minds
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A mutual agreement to enter into a legal agreement on a paticular bases.
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Exchange of value
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Occurs when parties each give something up.
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Intention to create legal relations
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Arises if a reasonable person would believe that the parties intended to create a legally enforceable agreement.
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Offer
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An indication of a willingness to enter into a contract.
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Invitation to treat
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Indicates the willingness to receive an offer.
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Revocaction
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Occurs if the offeror withdraws an offer
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Firm Offer
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Occurs when the offeror promises to hold an offer open for acceptance for a certain period.
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Option
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A contract in which the offeror receives something of value in exchange for a binding promise to hold an offer open for aceptance for a specific period.
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Tender
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An offer to undertake a project on paticular terms.
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Battle of the forms
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Ocurs when each party claims to have entered into a contract on the basis of its own standart form document.
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Bilateral contract
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Occurs when a promise is exchanged for a promise.
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General Rule
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States that acceptance by instantaneous communication is effective when and where it is received by the offeror.
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Postal rule
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States that if acceptance is comunicated in a non-instantaneous way, it is effective where and when the offeree sends it.
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Unilateral contract
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Occurs when an act is exchanged for a promise.
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Gratuitous Promise
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A promise for which nothing of legal value is given in exchange.
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Consideration
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Exists when either party gives a benefit or suffers a detriment to itself.
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Sufficient consideration
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May be almost anything of value. Even $1,-
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Adequate consideration
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Has esentially the same value as the consideration for which it is exchanged.
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Forbearance to sue
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A promise not to persue a lawsuit.
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Mutuality of consideration
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Requires that each party provide consideration in return for the other parties consideration.
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Past consideration
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Consists of something that a party did prior to the creation of the contract....it cannot support a contract.
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Pre-existing obligation
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An obligation that existed, but was not actually preformed before the contract was contemplated.
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Seal
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A mark put on a written document that indicates the parties intion to be bound by the terms.
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Estoppel
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A rule that precludes a person from disputing or retracting a statement that they made earlier.
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Promissory estoppel
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Is a doctrine that prevents one party from retracting a promise that the other party relied upon.
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Privity of contract
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Doctrine that refers to the relationship that exists between the individuals who create the contract.....only those parties can sue or be sued.
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Assignment
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A process in which a contractual party transfers its rigths to a third party.
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Debtor
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The original contracting party against whom the assigned rigth can be enforced.
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Equitable assignment
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An assignment that was traditionally enforceable by the courts of equity.
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Subject to equities
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The debtor can generally use the same defences and counterclaims against the assignee that it could have used against the assignor.
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Statuatory assignment
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An assignment that conforms with the requirements of a statue.
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Vicarious Promise
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Occurs when a contractual party arranges to have a stranger preform its obligations
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Trust
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Occurs when one person administers property on behalf of another.
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Contractual term
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A provision in an agreement that creates a legally enforceable obligation
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Pre-contractual representation
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A statement one party makes by words or conduct with the intention of inducing another party to enter into a contract.
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Misrepresentation
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A false statement that causes the recipient to enter into a contract.
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Future Conduct
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A type of non-factual statement....telling how they will act in the future
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Rescission
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An act of canceling the contract with the aim of restoring the parties as much as possible back to their pre-contractual state.
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Restitution
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Involves giving back on both sides.
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Affirmation
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Occurs when the misled party declares an intention to carry out the contract or otherwise acts as though it is bound by it.
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Express terms
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A statement that is made by one of the parties that a reasonable person would believe was intended to create an enforceable contract.
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Parol evidence
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Evidence that is not contained within the written contract....the rule states that generally if a document is in written form, oral evidence cannot be used to add to the terms of the document.
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Collateral Contract
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A seperate undertaking one person makes to another in consideration of that other persons entry into a formal contract....an extra contract on certain terms that can be entered into by the parties.
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Ambigouos term
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One that has more than one meaning.
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Literal approach
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Assigns words their ordinary meaning
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Contextual approach
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Looks into the context of the document to find the meaning of a certain word or phrase.
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Golden Rule
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Words will be given their plain, ordinary meaning unless it would seem absurd to do do.
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Contra proferentem rule
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Ensures that the meaning least favourable to the author will prevail.
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Implied term
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Arises by operation of the law.....
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Strandart form Agreements
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Massed produced documents.
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Exclusion Clause
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A contractual term that seeks to protect one party from various sorts of legal liability. It can also be called an limitation clause or a waiver.
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Boilerplate clause
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A clause that is used repeatedly without any variation.
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Voidable contract
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A contract in which one of the parties can aboid legal obligations arising from it.
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Chartered Corporations
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They are treated like an individual.
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Statuatory Corporations
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They have limitred contractual capacity....if it attempt to enter into a contract beyond its power it act ultra vires.
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Associations
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They usually lack contractual capacity.
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Statue of Frauds
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Requires some contracts to be evidenced in writting.-Guarentees
-Contracts for the sale of an interest in land -Contracts not to be preformed for a year. |
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Material mistake
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A mistake that matters to the mistaken party in an important way...one that has important consequences.
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Frustrated Contract
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A contract that has had some event happen that makes preformance radically impossible...or undermines the whole purpose behind the agreement.
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Defence of Non Est Factum
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Literally means this is not my deed.It allows the mistaken party to avoid any obligations under the law. It is only available if there is a radical difference between what the person though he was signed and what he actually was signing.
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Duress of person
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Refers to physical violence or the threat of violence....if a contract produces duress it is voidable.
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Duress of goods
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Occurs if one person seizes or threatens to seize another persons goods to force that person to create a contract.
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Economic Duress
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Arises when one person enters into a contractual arrangement afterm being threatened with financial harm.
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Undue influence
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The use of pressure to overcome the will of the weaker party and induce an agreement.
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Fiduciary Relationship
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A relationship in which one person is in a position of dominace over the other.
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Unconscionable transaction
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An agreement that no rigth-minded person would ever make and no fair minded peron would ever accept.
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Improvident bargain
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A bargain made without regard to ones future.
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Illegal Agreements
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Agreements that are expressedly or implicitly prohibited by statue.
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Regulatory Statute
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A statute that seeks to regulate a persons conduct through an administrative regime.
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Covenant in restraint of trade
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A contractual term that unreasonable restricts one parties liberty to carry on a trade, business ir profession in a paticular way.
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Discharged
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A contract in which the parties have been freed from the need to do anything more.
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Rule of Time id not of essence
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A rule that states that although parties are entitled to preform, they may if it so be needed preform late.
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Substancial preformance
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Generally satisfies the contract, but is defective or incomplete in some minor way.
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Entire contract
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A contract in which no part of the price is payable unless all of the work is done.
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Option to terminate
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A contractual provision that allows one or both parties to discharge a contract without the agreement of the other....it can be inserted into the contract.
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Condition Subsequent
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A contractual term that states that an agreemnt will be terminated if a certain event occurs.
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Condition precedent
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The contract will only come into excistence if and when certain terms occur.
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Executory
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A contract in which in one of the parties has not yet fully preformed its obligations.
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Recission
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Occurs if both parties agree to bring a contract to its end....it is only enforceabe if backed by consideration.
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Accord and satisfaction
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Occurs if one party gives up its rigth to demand contractual preformance in return for some benefit.
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Release
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An agreement under seal to discharge a contract... no consideration is needed because it is under seal.
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Variation
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Involves an agreement to vary the terms of the contract. It requires fresh consideration.
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Novation
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A process in which one contract is discharged and replaced with another.
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Waiver
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Occurs when one party abandons his rigth do insists upon contractual preformance.
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Statutes of Limitation
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Require a party who has suffered a breach of contract to sue within a certain period.
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Breach
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Occurs whenever a party does not preform precisely as promised.
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Breach of Condition
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A term in which the innocent party is substancially deprived of the expected benfit of the contract if a breach occured.
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Breach of Warranty
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A term in which the innocent party would not be substancially deprived of the expected benefit of the contract if a breach occured.
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Intermediate term
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A term that if it is depended upon, the innocent party may or may not be substancially deprived of the expected benefit of the contrcat in the case of a breach.
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Anticipatory breach
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Occurs if one party indicates by word or conduct that it does not intend to fulfill an obligation when it falls due under the contract...if it is really serious the innocent party may have a rigth to discharge the contract.
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Expectation damages
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Represent the monetary value of the benefit that the plaintiff expected to receive under the contract
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Intangible loss
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A loss that does not have any apparent economic value.
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Mitigation
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Occurs when the plaintiff takes steps to minimize the losses flowing from the defendants breach.
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Reliance damages
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Represent the monetary value of the expenses tha the plaintiff wasted under a contract.
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Nominal Damages
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Symbolize the fact that the plaintiff sufered a wrong when the defendant broke a promise....they are usually in very small amounts $10.
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Liquidated Damages
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Represnt a genuine attempt to estimate the loss that may occur as a result of the contract. parties can agree to a liquidated damage amount in the creation of their contract, and that will be the amount they will be entitled to receive when a breach does occur.
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Penalty
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Requires a party to pay an exorbitant amount if it breaches a contract....courts will not enforce penalties.
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Puntive Damages
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Are intended to punish the defendant.
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Specific preformance
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Occurs when the court orders the defendant to fulfill a contractual obligation to do something.
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Injunction
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Occurs when the court orders the defendant not to do something that is prohibted by the contract.
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Fundamental breach
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Consists of a breach that goes to the very core of the contract
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Unjust enrichment
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A cause of action that requires proof of an enrichment to the defendant, a corresponding depriviation to the plaintiff, and the absence of any juristic reason for the defndants enrichment
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Contract for the Sale of goods
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A contract wherby the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called a price.
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Sale
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Occurs if the buyer obtains ownership in the goods as the contract is created.
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Agreement to sell
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Occurs if the buyer does not obtain ownership of the goods until some time after the contract has been created.
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A sale by sample
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Occurs when the partie agree to deal in goods that match a specific specimen.
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Caveat Emptor Rule
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A rule that states "Let the buyer beware.
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Merchantable goods
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Goods that a reasonable person would buy without a reduction in price despite their imperfections
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Deposit
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A sum of money that the buyer pays when entering into a contract and that the seller is allowed to keep if the contract is not preformed.
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Action for Price
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Occurs when the seller sues the buyer for the price of the goods.
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Lien
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Allows a person to retain possesion of something until another person fulfills an obligation.
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Insolvency
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Occurs when a person is unable to meet their debts as they come due.
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Stoppage in transit
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Occurs when an unpaid seller instructs a carrier not to deliver goods to the buyer.
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Postdated Cheque
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A cheque dated in the future.
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Staledated cheque
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A cheque that is expired.
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Overdrawn cheque
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A cheque that is drawn from the account of someone who does not have enough money to satisfy the check completely.
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Counterdemand
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Occurs when a customer orders a bank to refuse payment on a cheque.
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Certification
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Occurs when a drawee bank promises to honor a check.
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Bill of exchange
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Is a way of payment tha orders one person to pay a specific amount of money to a third person.
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Acceptance
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Occurs when the drawee promises to pay the bill...it is like the certification of a cheque.
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Promissory note
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Is created when one person gives another person a written promise to pay a specific amount of money.
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Acceleration clause
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States that the entire amount of the promise becomes due imediately if one payment is failed.
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Payable to bearer
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A negotiable instrument is payable to bearer, if any person who holds it is entitled to payment.
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Payable to order
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A negotiable instrument is a payable to order if the party entitled to payment is named.
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Notice of dishonor
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Consists fo a statement that the person who was primarily liable on the instrument failed to pay.
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Immediate parties
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Parties who dealt directly with each other.
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Personal defence
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A defence that affects the parties themselves rather than the instrument.
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Defect of title
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Defence occurs when an instrument is obtained improperly.
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Real Defence
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Occurs when an instrument is fundamentally flawed.
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Consumer instrument
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A bill negotiable instrument that is used by a consumer to buy goods or services on credit.
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Real Property
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Included anything attached to the land.
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Interest in land
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The rigth that a person can enforce with respect to a paticular piece of land.
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Estate
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An exclusive rigth to posses land for a period of time
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Fee simple
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The largest package of rigths that a person can hold in land.
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Expropriation
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Occurs when the government takes property for a public use....you are usually entitled to compensation.
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Life estate.
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Entitles a person to exclusive possesion of a property for the duration of a paticular life.
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Revision
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Occurs when the property returns to the person who holds the fee simple
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Remainder
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Occurs when the property goes to a third party who was selected by the person who holds the fee simple.
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Waste
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Occurs when a property is changed in a way that significantly affects its market value.
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Leasehold Estate.
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Occurs when a person has exlusive rigths to a property for a specific period of time.
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Joint ownership
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Occurs when two or more people share interest in the property equally.
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Rigth of survivorship
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Means that upon death, a joint tenants interest automatically passes to the reamining joint tenants.
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Co-ownership
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Occurs when two or more people share an undived interest in a property.
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Severance
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Occurs when a joint tenant deals with the property in a way that is inconsistent with the joint ownership.
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Partition
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Occurs when there is a seperation of the property or its sale proceeds
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Easement
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A rigth to use your neighbors land.
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Dominant tenement
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A property that benefits from the easement.
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Easement that is run with the land
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One that can be enforceable by no matter who owns the land.
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Prescription
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An easement created by prescription is created if the land is used for a long time in a certain way without anoyone trying to stop it, without permission.
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License
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Permission to act in a way that would otherwise be illegal
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Restrictive covenant
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A promise to use a pice of land in a way that benefits one propety and burdens another property.
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Building scheme covenant
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A collection of restrictive covenants that are used to control the development of an entire area...dutch neighborhood!
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Mineral lease
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Allows one peron to extract and retain something of value from anothers property.
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Profit a pendre
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A rigth to take something valuable away from another persons proprety.
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Lease
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A property interest created by contract.
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Fixed term tenancy
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When at the outset it is determined when the lease will end.
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Dominant tenement
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A property that benefits from the easement.
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Easement that is run with the land
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One that can be enforceable by no matter who owns the land.
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Prescription
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An easement created by prescription is created if the land is used for a long time in a certain way without anoyone trying to stop it, without permission.
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License
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Permission to act in a way that would otherwise be illegal
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Restrictive covenant
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A promise to use a piece of land in a way that benefits one propety and burdens another property.
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Building scheme covenant
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A collection of restrictive covenants that are used to control the development of an entire area...dutch neighborhood!
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Mineral lease
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Allows one peron to extract and retain something of value from anothers property.
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Profit a pendre
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A rigth to take something valuable away from another persons proprety.
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Lease
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A property interest created by contract.
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Fixed term tenancy
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When at the outset it is determined when the lease will end.
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Tenancy at will
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Exists if there is no set term and either party can terminate the lease at any time.
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Tenancy at sufferance
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Occurs when a tenant continues to posses the premises of a lease at the end of the lease without the landlords permission.
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Assignment
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Occurs when a contractual party transfers its rigths to a third party.
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Real covenant
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Includes promises that, are not directly related to the land...but merely to personal obligations.
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Sublease
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Occurs when one tenant grants a lease to a third party.
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Covenant for quiet possesion
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Prohibits the landlord from intervering with the tenants enjoyment of the premises.
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Eviction or rigth of re-entry
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Allows a landlord to resume possesion of the premises
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Forfeiture
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Occurs when a tenant loses interest in a property
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Distress
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Occurs when the landlord seizes the tenants belongings and sells them to pay for the rent.
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Residential lease
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Provides a place to live.
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A registration system
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A system that documents the existence of interest in land
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Registry system
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Provides an oppertunity to inspect and evaluate documents that may affect real property.
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Chain of title
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Is a series of transactions in which ownership was validly passed from one person to the next.
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Land titles system
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Generates certificates of title that vitrually quatentee the validity of the interest that are listed.
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Indefeasability
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Means that with very few exceptions the interests that are included within a certificate of title cannot be defeated.
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Mirror principle
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States that all of the interest listed in a certificate of title reflect a valid interest.
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Curtain principle
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States that the only valid interest of property are the ones listed in the certificate of title.
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Insurance principle
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States that a person who suffers a loss as a result of an error of the system is entitled to compensation
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A writ of execution
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A document that allows a courts judgement concerning the to be enforced
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Sale
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Occurs when ownership is transferred in exchange for consideration.
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Agreement of purcahse and sale
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Creates a contract for the sale of land.
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Vendor's lien
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Allows the purchaser to have the land sold to satisfy the outstanding debt
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Purchaser's lein
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Allows the purchaser to have the land sold to satisfy the outstanding debt.
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Mortage
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A interest in land that allows provides security for the repayment of a debt.
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A charge
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Occurs when the mortgagor agrees that the land will be available to the motgagee if the debt is not repayed.
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Mortgagor
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The person who borrows the money and provides and interest in land
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Mortagee
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The person who lends the money and aquires the interest in land...like the bank.
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Equity of redemption
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Entitles the the mortagor to recover legal title of the land by repaying the loan.
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Subsequent mortage
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One that takes affect after the initial mortgage.
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Acceleration Clause
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Requires the mortgagor to imediately repay the intire loan if one payment is missing.
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Prepayment privilege
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Allow early or additional payments to be made without penalty.
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Forclosure
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Procedure for extinquishing the mortgagor's equity of redemption.
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Judicial sale
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Occurs when the mortgaged property is sold under a judges order.
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Power of sale
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Is a contractual rigth that allows the mortgagee to sell the land in order to obtain payment.
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Real Property
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Is immoveable
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Personal Property
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Is moveable.
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Tangible property
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Is a thing that can be touched
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Intangible property
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A thing that cannot be touched.
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Fixture
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A chattel that has been sufficiently affixed or attached to the land.
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Bailment
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Occurs when one person temporarily gives up possion of a property with th expectation of getting it back. It is usualy in the term of renting, shipping, consignment items, leasing and borrowing.
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Consignment
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Occurs when an owner gives property to another person for the purpose of selling it.
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lien
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Allows the bailee to retain possesion of the property until the bailor pays its debt.
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Rigth of sale
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Allows the bailee to sell the bailors property to obtain payment of the biolors debt.
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Common carrier
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A company that offers to deliver any goods for any person in exchange for a standart price.
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Private Carrier
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One that can pick and choose if it wants to take on a work order.
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Act if God
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A natural catastrophe.
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Inherent vice
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A defect in the goods themselves.
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Sub-bailment
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Occurs when property that is already held under a bailement is tranferred into further bailment.
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Property insurance
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A contract in which an insurance company in exchange for a premium promises to pay money if the property is lost damaged or destroyed.
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Indemnification
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A reimbursement for a loss that has occured
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Deductible
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Occurs when the insurer is not required to provide indemnification for the initial part of a loss.
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Insurance interest
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Exists if a person benefits from th eexistence of the property and would be worse off if it were damaged.
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Contribution
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States that if two parties are equally liable they share the loss between themselves.[if you have two insurance comoanies they don't both need to pay the ful amount.]
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Co-insurance cluase
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States that if an insured party does not maintain a certain level of coverage, it may be held partially responsible in the case of an accident...you need to purchase enough insurance to fully cover what you are insuring.]
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Subrogation
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Allows an insurance company to stand in the insured parties place and aquire rigths that it may have against a third party....the insurance company can bring an action against the defendant, for the money they had to pay me.
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Business interuption Insurance
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Provides coverage for the losses incurred as a result of downtime.
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Hacker insurance
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Provides protection against the economic consequences of computer hackers
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Key person insurance
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Provides protection against th loss of an important member of a business.
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Life, health and disability insurance
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Povides protection for employees in the event of health problems.
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Fidelty Bond
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Provides coverage when an employee steals money, equipment or other assest from the business.
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Surety Bond
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Is used to assure a client that it will be financially protected if a job is not preformed as promise.
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New-economy
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Investment buys into new concepts or the means to create them rather than new machines.
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Universal possesion
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Is possible when a good is available to many people at the same time in such a way that one persons possesion and enjoyment of it does not diminish anothers.
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Exclusive possesion
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Characterizes an individuals excercise of power over a thing at their pleaseure to the exclusion of all others.
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Natural scarcity
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Occurs when the supply of a natural resource is inadequate.
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Artificial scarcity
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Makes the supply of a good of an informational resource inadequate.
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Huaman capital
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Is the special talents and expertise of those who
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International information based assets
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Include business concepts, models, information systems...anything inventions created by the business.
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External information based assets.
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The image and reputation of a busines.
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Intellectual property law
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Is a set of rules that aims to balance the rigths of a creator against public interest.
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Original work
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A work that is not copied from another source.
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Royalties
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Are monetary compensations given to an author in exchange for the use of their intellectual property.
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Advance on Royalties
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An interest free incentive that is paid to the author before the completion of a work and is later deducted from the sum of royalties.
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Public Domain
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The realm of work that belongs to the comunity at a large and that can be used by anyone.
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Moral Rigths
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Include the rigth of attribution, the rigth of integrity over a work, and the right to be associated or not with a work.
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Copyrigth infringement
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Includes any use of an original owrk without the owners permission.
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Copyrigth collectives
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Oragizations that administer certain rigths granted by the copyrigths system on behalf of copyrigth owners who are members of the collective.
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Fair dealing
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Involves the legitimate use of a work for the private study research, criticism review or news reporting.
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Trademark
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A word or words and symbols or designs that is used to distinquish one persons goods or services from anothers in the marketplace.
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Passing off
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Occurs when one person represents its business, goods or services as someone elses through a confusingly similar mark or name.
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Ordinary marks
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Are words or symbols that distinquish the goods or services of your business.
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Certification marks
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Identify goods or services that meet a certain standart set by a governing organization.[Parelli instructors}
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Distinquishing guises
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Identify the unique shape of a product or its package.
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Knock-off
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An item for sale that looks like a product made by the trademark holder and is represented in a similar mark but is inferiour quality.
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Trade-mark dilution
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Occurs when a mark is used in a non-confusing manner has the effect of tarnishing another trademark's image or somehow diminsh its goodwill.
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Patents
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Grant a monoploly to inventors allowing them to exclude.others from making using or selling their inventions for a period of 20 years from the date of application.
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Novelty
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A pattern must be a novelty...meaning that no one can have patented that certain thing before.
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Indeqenuity
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Means that teh item for which a patent is sought would not have been obnious to people fluent in similar nelogies.
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Industrial design
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The features of shape, configuration, pattern or orniament attached to a finished article....the copyrigth law also protects this if you have registered your them.
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Trade secret
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Uses legal rules to keep an information based asset a secret until it is sold.
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Breach of confidence
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Occurs when a person who has been entrusted with confidential information uses that information improperly.
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Electronic Commerce
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Refers to technowlogy-mediated transactions.
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Functional equivalence.
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Identifies the esstential purpose of the tradition rule and indicates how that purpose can be acheived electronically.
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Click-wrap license.
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A licensing agreement that is triggered by the click of a mouse. An I agree box for instance.
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Web-wrap license
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Trigered by some form of online interaction.
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Authenicating function
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Identifies the signatory and ties that person to the document
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Keystroke error
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Occurs when a person hits the wrong key by mistake.
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Electroncic signature
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Is electronic information that peopel can use to identify themselves.
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A trusted third party
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A person both parties can trust.
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Digital certificate
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An electronic document that authenticates the identity of a paticular person.
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Information security
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A combination of communications securtity and computer security.
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Comunications security,
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Protects information while it is transmitted from one system to another.
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Computer security
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Protects information within a computer system.
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Jurisdiction
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Refers to the place a court can hear a certain case
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Real and substancial connection test
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Asks whether the plaintiff's cause of action and the effects of the defendants conduct are sufficiently linked to the place in which the plaintiff wants to sue.
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Passive versus active test
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Requires a court to look at the way in which the parties do business online.
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Effects based approach
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Focuses on the actual impact that a website has in the place where jurisdiction is being sought.
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Targeting a location
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Specifically choosing to create relationships with people within a certain location.
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Domain name
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Locates the website of an organization or other entity on the internet
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Cyberstquatter
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Purchases a potentially valuable domain name with the intention of later selling it to the higgest bidder
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Online intermediary
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A party that enables or facilitates an online transaction between others
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Internet service provider
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Privdes others with access to the internet.
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Agent
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A person who represents someone for some specific purpose.
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Prinipal
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A person whom an agent represents for some specific purpose.
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Franchise
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Allows entreprenuers to start their own business using the franchisors name and business concept.
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Commercial representation agreement
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Occurs when a manufacturer of goods agrees to allow someone to enter into contrcats with customers to sell its goods.
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Actual authority
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Exists when the principal actually authorizes the agent to act on his behalf.
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Apparent auhority
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Occurs when the principle creates the reasonable impression that the agent is authorized.
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Ratified contract
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A contract in which someone accepts a contract that was negotiated on their behalf but without their authority.
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Pre-incorporation contract
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A contract created by an agent on behalf of a corporation that does not yet exist.
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Usual Authority
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Allows one person appointed to a paticular position to excercise the authority usually associated with that position.
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Undisclosed principle
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Exists when the agent purports to contract without disclosing that it is acing on behalf of the principle
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Breach of warranty of authority
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Occurs when an agent indicates that it is authorized to act for a principle when it is not
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Fiduciary duty
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Requires the agent to act in good faith and in the best interests of the principle.
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Duty of care
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Requires an agent to take resposible care in the preformance of the agency responsibile.
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Joint Venture
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A legal arrangement in which two or more parties combine their resources for a limited purpose, a limited time or both.
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A Strategic Alliance
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Any arrangement in which two or more parties agree to cooperate for some purpose.
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Distributorship
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When one business contractually agress to sell another's product.
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Sole properietorship
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Exists when a person carries on business wihout adopting any other form of business organization
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Unlimited personal liability
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Means that all of the sole proprietor's personal assets may be taken by third parties to satisfy the businesse's obligations.
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Business License
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Government permission to operate a certain kind of business.
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General partnership
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A form of business organization that comes into existence when two or more people carry on business togther with a view of profit
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Partnership property
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All property aquired on behalf of the partnership or for the partnership business.
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Partnership agreement
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A contrcat between partners regarding the operation of the pertnership.
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Capital
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The assest that the partners contribute to the business.
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Mutual agency
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Each partner when acting in the usual course of business binds the partnership.
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Limited liability partnerships
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Individual partners are not personally liable for the proffesional negligence of the other partners if certain requirements are met.
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Holding out
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Occurs when you represent yourself as a partner or allow someone to think of you as such.
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Defualt rules
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General rules that apply to the partnership unless it is otherwise stated in the contrcat.
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Dissolution
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A termination of the partnership
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Limited Partnerships
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Partnership in which personal liability of at least one of the partners is limited to the amount which he or she invested into the business.
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Articles of incorporation
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Define the corporations basic characteristics.
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General bylaw
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Sets out the arrangement for carrying on the legal business of the corporation.
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Shareholders agreement
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A contract between shareholders that cutimize their relationships.
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Minute book
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A book where the corporate records are kept.
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Divident
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A payment by the corporation to shareholders of cash or property which is authorized by its directors.
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Piercing the corporate viel
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Occurs when a court refuses to give effect to the seperate legal existence of the corporation and imposes personal liability to the shareholder
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Board of directors
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Consist of the individuals that shareholders elect to manage the corporation
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Officers
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The people to who the board of directors delegate responsibility for managing the corporation.
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Equity
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What the shareholders have invested into the corporation
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Debt
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Consists of loans that have been made to the corporation
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Shares
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Represent a claim on the residual assets of the corporation after all of the cerditors are paid.
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Going concern value
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Represents the value of a corporation as a operating unit.
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Common shares
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Usually carry three basic rigths
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Preffered shares
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Usually are entitled to receive fixed payment on a regular basis and a return of the amount invested before any payments are made to common shares.
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Public corporation
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A corporation that has issued its shares to the public.
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Business judgement rule
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Presumes that, in the making of decisions directors and officers are not in breach of their duty in the abscene of fraud, illegality, or conflict interests.
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Anual meeting
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A time when shareholder and elect directors appoint an auditor and review the anual financial statements.
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Proxy/Proxy holder
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A person designated by shareholders to vote at the meeting.
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Management proxy circluar
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A document that is sent to the shareholders that contains the management proposals and other information related to the shareholders meeting.
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Dissident shareholders
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Disagreee with management proposals and seek to solicit the votes of their fellow shareholders to defeat management.
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Dissidents' circular
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A document sent to all shareholders by any shareholder who seeks the votes of other shareholders against management.
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Unanimous shareholder's agreement
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A agreement of all shareholders to transfer some or all of the directors rigths unto themselves.
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Rigth of first refusal
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The rigth for shareholder to be offered the shares that the shareholder wants to sell before they are offered to non-shareholders.
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Shotgun buy-sell
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A share of transfer mechanism that forces one shareholder to buy out the other.
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Derivative action
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A action commenced by a shareholder on behalf of a corporation to seek relief for a wrong done to the corporation.
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Dissent and appraisal rigth
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Entitles shareholders who disent from certain fundamental changed ro have the corporation buy their shares.
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Oppresion remedy
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Allows one shareholder to claim compensation for a loss that was caused by an act or omission by the corporation or its directors which oppreses the interests of a shareholder.
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Indoor management rule
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States that a corporation cannot rely on certain kinds of defects in the authority of an agent who purports to act on its behalf in entering into a contract with a third party.
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Absolute liability Offense
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Occurs upon the commission of an act prohibited by law unless the accused acted reasonably in the circumstances.
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Directing mind
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The person who has the responsibility to manage the business of the corporation in the area that the offence occured
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Mens Rea offense
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Arises upon the commision of an act prohibted by law by a person who had some degree of knowledge or intention.
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Indemnity
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Compensation paid by a corporation to a director or officer for costs inccured in a connection with preforming their suties.
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security interest
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Allows a creditor to sieze a debtors personal property if a debt is not repaid.
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Collateral
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Property that is subject to a security interest
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Guarantee
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A contractual promise by a third party to satisfy the principal debtors obligation if the debtor fails to do so.
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Secured cerditors
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People who extend credit to a debtor and who revieve a security interest from a debtor
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PPS Legislation
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Personal Property legislation
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Conditional sale
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Occurs when the seller retains ownership of the goods to secure payment of the purchase price by the buyer.
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A Security interst
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One way of redecung the risk of non-paymnet is through a security interest. It allows a creditor to seize a debtors personal property if the debt is not repaid.
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Collateral
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Property that is subject to a security interest
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Guarantee
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A contractual promise by a thrid party to satisfy the principal debtors obligation if the debtor fails to do so.
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Secured creditors
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People who extend credit to a debtor and who receive security interest from the debtor.
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Conditional sale
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Occurs when the seller retains ownership of the goods to secure payment of the purchase price by the buyer.
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Consignment
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Occurs when the owner of the goods tranfers possesion, but not ownership to someone else.
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Lease
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A relationship where the lessor reatains ownership of the assest, but gives possesion of it to the lessee for a period of time in return for the lessee's promise to make regular payments.
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Chattel mortgage
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A transaction in which a debtor gives a creditor title to some specific personal property to secure the preformance of an obligation it owes to te creditor
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General security agreement
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Provides a creditor with a security interest in all of the debtor's assests.
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Acounts receivable
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The amounts that a business is entitled to collect from its customers..oustanding debts.
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Assignment of acounts receivable
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Allows a creditor to collect money owned to the debtor if the debtor does not fulfill his payment obligations.
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Floating charge
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A contract with security interest in it that hovers over a debtors assets until some event causes the charge to become fixed or crystalized on those assests.Usually this happens if the debtor fails to make payments
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Priority
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Is the ranking that a secured creditor has in relation to all the other secured creditors in the form of his/her rigth to enforce his/.her claim against a certain piece of collateral.
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Rigth of distress
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Allows a landlord to seize property that is on the rented premises and belongs to the tenant, sell it and use to to pay the outstanding rent.
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Deemed trust
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Some assests of the business that are deemed as a matter of law to be held for the benefit of the governement and cannot be used for the business...you cannot use money that shoud go to taxes to pay off you rent charges.
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Lien
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Allows a person who has not been paid to retain possesion of goods that the person has repaired or stored.
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Attachment
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Allows a security interest to be enforced against third parties
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A perfected security interest
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A perfection usually occurs when a security interest has attached and the secured party has registerd under the pps legislation.
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Financing statement
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The document that is filed to register a security interst under the PPS legislation.
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Unperfected Security interest
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A security interst that has not been registered...one that has not been perfected.
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PMSI-Purchase money security interest
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A security interest in a paticular asset given by a debtor to a secured party that either sells that asset to the debtor or finances the debtors acquisition of that assest.
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Inventory
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Consists of the goods held for sale or lease.
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Default
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Occurs if either the debtor fails pay or preform any other obligation secured under the security agreement or an event occurs that is defined as default in the security agreement....if default occurs, the secured party may take possesion of the collateral.
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Reedming collateral
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Measns recovering the collateral from a secured creditor, who has seized it, by fulfilling all obligations owed to a secured party and paying any expenses it has incurred.
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Reinstatig the collateral
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Means that the debtor gets the collateral back from a secured party that has seized it by the marking the missed payments and paying all the expenses of the secured party.
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Bunkrupt
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A person may be bankrupt when their debts exeed their liabilities, and they cannot meet their debts as they come due.
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Liquidation
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The sale of assets so that they can assume the "liquid" form of money and can be distributed to the bankrupts creditors.
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Discharge
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The release of a debtor from bankruptcy status.
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Winding up
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Terminates a businesses afairs, so that it ceases to operate.
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Proposal
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A contract between a debtor and creditors providing for a rearrangement of debts outside the formal bankruptcy.
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Goodwill
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Is a businesses's favourable and valuable public reputation
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Stay
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A court ordered suspension of legal proceedings.
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Bankrupcy in Canadian law
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It is a situation in which someone is at least $1000 in debt and has commited an act of backruptcy.
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Insolvency
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An inability to meet financial obligations as they come due.
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Petition
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A request by creditors to a court to place in individual or a corporation into bankruptcy.
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Petition
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A request by creditors to place an individual or a corporation into bankruptcy.
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Receiving order
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A command to the debtor to release all of its assets to the court or to a court appionted agent...usually a trustee in bankruptcy.
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Assignmnet
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A procedure by which a debot voluntarily assigns itself into bankruptcy.
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Proposal
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A court approved contrcat between a debtor and the creditors that gives the debtor more time.
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Secured creditor
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A creditor whose interest is linked to a specific piece of collateral.
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Preferred creditor
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A creditor who is preferred in relation to all other unsecured creditors, generally by operation of law.
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Unsecured creditors
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Creditors that are neither secured nor preferred.
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Prefernce
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The payment to one credior of a larger amount than they would be entitled to on a pro rata distribution
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Pro-rata sharing
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All creditors will receive a justifyable percentage of the debt that they are owed in relation to all the other creditors...it is not that one will get full repaymnet and other barely any.
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Class action
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Legal action taken by one or several people on behalf of a larger group that is too large to bring before court.
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Settlement
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The transfer of property that is made for free or for nominal consideration
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To prefer a creditor
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Means to satisfy their claims in a larger amount than is permissable under the bankruptcy law.
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Voting letters
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Letters that creditors use to vote on a proposal even though they did not attend the meeting of the creditors.
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Debentures
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Promissory notes or bonds backed by general credit of a corporation
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Concurrency
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Refers to the idea of shared powers between levels of government
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Doctrine of paramountcy
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Determines which law is preeminent based on the consititution's division of powers.
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Direct tax
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One paid by the person on who it is imposed
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Indirect tax
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One paid by someone who seeks reimbursement for it.
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Audit
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A detailed examination of taxpayers's annual income and tax payable.
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Field Audit
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Usually a detailed examination of books and records conducted by the CRA representatives at the taxpayer's place of business.
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Reviewable matters
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Involve civil claims under the compitition act.
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Conspiracy
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A joint action of more than one party.
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Bid-rigging
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Occurs when a person either agrees to no submit a bid in respose to a call for tenders or submits a bid that is based on a prior agreement.
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Discriminatory pricing
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Occurs when a person either agrees to not submit a bid in response to a call for tenders or submits a bid that is based on a prior agreement.
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Settlement
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The transfer of property that is made for free or for nominal consideration
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To prefer a creditor
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Means to satisfy their claims in a larger amount than is permissable under the bankruptcy law.
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Voting letters
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Letters that creditors use to vote on a proposal even though they did not attent the meeting of the creditors.
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Debentures
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Promissory notes or bonds backed by general credit of a corporation
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Telemarketing
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Involves the sale of goods or services over the telephone.
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Multi-level marketing plans
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Occur when the participants in a scheme are promised benefits in exchange for pursuading other people to join the scheme.
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Exlusive dealing
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Occurs when as a condition of supply, a supplier requires a customer to deal only, or primarily in products designated by the buyer.
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Tied selling
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Occurs when the purchase of one product is tied to the purchase of another in some way.
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Market Restrictions
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Occur when a supplier restricts the people to whom the purchaser can sell the product.
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Abuse of dominant position
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Occurs when competitive conduct results in an undue reduction of competition.
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Merger
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Involves the combination of two business organizations.
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Deceptive marketing practices.
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False representations that are made to promote a product or a business interest.
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Job discription
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A written list of the employent duties of a paticular job.
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Employment application form
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A tool that allows employers to screen job candidates for the necessary qualifications.
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Employee
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A person who contrcatually agrees to work under the control and direction of the employer.
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Independant contractor
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A person who contrcatually agrees to work but who is not controlled by another person in how they accomplish their task.
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Control test
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May determine wheterher an worker is an employee or a independant contractor based on the degree of control excercised by the party paying for the work.
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Organization test
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Attempts to determine whether a person is an intergral part of the overall business.
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Non-competition clause
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A form of restrictive covenant that prohibits or restricts an employees ability to work for a competitor or to start a business that would compete with the employer.
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Non-solicitaion clause
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A form of restrictive covenant that prohibits the employee from soliciting the customers of the employer but otherwise leaves the employee free to compete.
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Vicarious Liability
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Occurs when that employer is held liable for an employee's tort.
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Employment policy manual
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Explains the conduct that is expected of employees in the course of their employment.
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Preformance reviews
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An evaluation of an employee that provides feedback about the quality of their work.
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Promotion
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Usually entails new duties on teh part of the employee, whether or not it includes a payraise.
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Progressive discipline program
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Involves a series of disiplinary steps.
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Discrimination
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Treating someone diffrently on the basis of one of the prohibted grounds under the HRL.
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Direct Discrimination
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Occurs when an employer adopts a rule or practice that treats a person diffrently on the basis of one of the prohibited grounds.
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Indirect discrimination
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Occurs when an employer treats someone diffrently on the basis of some characterisitic diffrent than one of the prohibited grounds, but in a way that affects that person by virtue of a prohibted ground.
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BFOR defence
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BFOR defence justifies discrimination that would normally be prohibited...based on the adequatcy to preform certain jobs.
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Harrasement
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Involves any demeaning or offensive conduct connected to a prohibted ground of discrimination.
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Duty to accomidate
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Requires an employer to make adaptations to the workplace to meet the needs of an employee who would otherwise not be able to work there.
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Due dilligence
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Occurs when the accused took every reasonable precaution to avoid violating the safety standard.
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Summary dismissal
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Occurs when an employer dismisses the employee and threby terminates the employment relationship without notice.
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Just cause
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Means that the employer was justified in firing the employee without notice it can only be done on the following grounds:
-Absenteeism -subtabce abuse -dishonesty and disobedience -conflicts of interest -criminal behavior |
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Absenteeism
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An authorized failure to report for work that is not the product of an illness.
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Condonation
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Occurs whenever an employer fails to reprimend an employee for their misconduct.
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Incompetent
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Employees lack the basic skills or qualifications or are otherwise unable to preform their job.
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Employee fraud
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Occurs when an employee intentionally deceives the employer in a way that is detrimental to its interests.
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Employee theft
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Occurs when an employee steals from the employer.
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Disobedience
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Occurs when an employee repeatedly and deliberately defies a supervisor's clear instructions or refuses to preform without reasonable excuse.
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Conflict of interest
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Occurs when an employee acts in a way that conflicts with the employers best interests.
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Wrongful dismissal
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Occurs when an employee is dismissed without cause and without reasonable notice of money in lieu of notice.
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Bad faith
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Includes untruthful, misleading or unduly insensitive conduct on the part of the employer.
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Contructive dismissal
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Occurs when an employer fundamentally changes the nature of the person's job.
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Severance damages
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A lump sum payment meant to cover all items due to the employee at the time of termination.
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Severance pay
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The amount that is owed to a terminated employee under employmnet standards legislation.
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Settlement package
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What the employer gives to the employee to bring an end to the employment dispute.
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Release
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The employees written promise to release the employer from any possible legal claims.
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Labour Law
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The system of rules that governs collective relations between management, trade unions, their members, and the institutions of such members.
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Collective bargaining
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The process through which an employer and a trade union seek to negotiate a collective agreement.
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Trade Union
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An orgaization of employees formed to regulate the relations between the employer and the collective of the employees.
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Collective agreement
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A document containing the terms of employment, as well as the rigths and duties of the employer, the trade union, and the employees.
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Appropriate bargaining agreement
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A group of workers recognized by the labour relations board as having a common interest in the outcome of negotiations.
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Bargaining agent
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A trade union that is legally recognized as representing the interests of a bargaining unit.
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Voluntary recognition
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Occurs when the employer agrees to recognize a trade union as the bargaining agent for its employees.
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Membership drive
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Aims to pursuade a majority of employees in an appropriate bargaining unit to become union member.
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Certified bargaining agent
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Aquires exclusive bargaining rigths on behalf of the bargaining unit.
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Duty to bargain in good faith
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Imposes an obligation on both parties to make every reasonbale effort to succesfully negotiate a collective agreement.
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Union Security Clauses
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States how a union will be paid.
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Closed shop payment method
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Requires that mangement hires only people who are already members of the union.
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Union shop payment method.
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Requires a person to become a union member before starting their employment.
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Dues Shop payment method
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Requires a person who is hired to pay union dues, but does not require that he join the union.
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Grievance Arbitration
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An external method of resloving labour disputes that cannot be resloved by the parties alone.
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Arbitral jurisprudence
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The body of existing arbitration decisions....which arbitrators can look to to guide their present conflict.
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Demotion
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Occurs when an employer transfers an employee to a lower-rated job.
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Seniority
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Grants preferances to certain employees based on their accumulated length of service.
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Non-competitive clauses.
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Require seniority to be a determining factor, as long as the more senior person is competent.
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competitive clauses.
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Requires seniority to be the determining factor only when the skill and ability of the competing employees and relatively equal.
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Bumping
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Occurs when a senior employee who is about to get laid off is allowed to invoke their seniority and replace a more junior employee in a junior position.
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Bumping up
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An application of seniority rigths in the context of promotion.
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Retroactive pay
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Money that is owed by the employer to the employee as a result of a collective agreement that is deemed to come into effect some tie before the date of its creation....wage increases, back-pay ect.
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Compliance order by the arbitrator.
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Usually requires a specific obligation in the collective agreement to be fullfilled or a paticular course of conduct to be brought to an end.
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Rectification
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The process by which a contract is rewritten to better reflect the actual agreement contemplated by the parties.
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Strike
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A cessation of work resulting from a concerted activity, that has the purpose to limit or restrict output.
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Lockout
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Occurs when an employer closes the workplace, or refuses to continue to employ its workers with the intention of compelling them to agree to certain conditions of employment.
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Picketing
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Involves the presence of one or more persons, the communication of information, and the intention to secure a sympathetic response from some third party.
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Boycott
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Occurs when people refuse to interact with a business, or handle goods that are associated with a business, as support for a collective bargaining position.
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Secondary picketing
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Indirectly exerts pressure on a business by threatening or imposing sanctions against some third party.
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Domestic Law
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The law that
applies within a particular geographical area, like Canada or the United States. Every country has its own domestic law. |
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Public International Law
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Is typically concerned
with international relations, the ecognition of countries by each other, nationality, and intergovernmental dispute settlement. |
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Private international Law
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Is used to determine which laws apply to private transactions that contain elements
from more than one jurisdiction. |
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Treaty
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A binding international
agreement that is concluded between governments |
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Forum
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The term given to the courts of particular jurisdiction,
or to that jurisdiction itself. |
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Arbitration
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A process in
which a neutral third person— called an arbitrator—imposes a decision on the parties |
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Choice of Law
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Refers to the
selection of the applicable set of rules |
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Proper Law of the contract
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The system of law that governs
the contract |
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Forum non conveniens or literally “inconvenient forum”.
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Involves a court’s discretion to
decline authority over a case that should be heard elsewhere |
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Stay
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A court-ordered suspension
of legal proceedings |
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Award
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The written result containing an arbitrator’s decision
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Letter of Credit
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A promise by the buyer’s bank to pay the
purchase price to the seller in exchange for certain documents |
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Irrevocable Confirmed
letter of Credit |
Both the
buyer’s bank and the seller’s bank promise to pay the seller in exchange for certain documents |
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Autonomy Principle
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States that payment is based on the
seller’s ability to satisfy the terms of credit |
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Principle of Strict Compliance
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States that the seller is
entitled to payment only if it completely satisfies the terms of the credit arrangement |
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Draft or Bill of Exchange
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Is created when one person
orders another person to pay a specific amount of money to a third person |
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Bill of Lading
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Is a contract
that is created between the seller and the carrier |
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Intermodal Transport
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Involves the delivery of goods by several
different modes of transport |
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INCOTERMS
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Internationally recognized terms and definitions
relating to shipping and insurance |
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CIF 'Cost Insurance Freigth"
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A common shipping term
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Operating Risks
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Arise from the
use of goods or the operation of an investment in a foreign jurisdiction |
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Transport Risks
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Arise from the
transportation of the goods to their final destination |
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Dumping
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Occurs when foreign
goods are sold in Canada for less than their fair value or total cost |
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Subsidies
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Financial incentives
that foreign manufacturers receive from their own governments and that allow them to sell their goods in Canada at attractive prices |
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Anti-Dumping Duty
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A special charge that is placed on
goods as they are brought into Canada |
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Quota
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A limit on the number
of goods that can be imported into Canada |
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Tariff
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A tax that is imposed
on goods that are imported from a foreign country |
