Business Law Midterm with answers! This document will help you in getting a great grade. One of the toughest things about Business Law Exams is getting your point across which can take some time writing or typing. This document shows some common questions that usually dont change in this class year...
1. Short Answer Questions – Answer 10 questions, one from each grouping, your choice. Each is worth 5%.
One half of the mark will be assigned to the textbook definition or description. The other half of the mark will be
assigned to your analysis, understanding or application of the legal concept. Why is it important? How is it
used in the application of the law? Give an example. How might you use this concept in your profession?
Answer as many of these questions as are applicable.
2. You will have 26 hours to complete this exam.
3. This midterm is an open book exam,
4. There is no page limit when completing the exam.
5. Answers will be marked for completeness and quality of analysis. Detailed point form is encouraged, but
ensure your answers are complete.
MGMT 3230 Midterm Exam Guidance Page 1
, Short Answer (5% each)
1. (Group 1/Question 2) What is the doctrine of paramountcy? Who does it
favour and why?
Doctrine of paramountcy establishes that where there is conflict between federal laws
and provincial laws that federal law tends to overrule and prevail. When federal and
provincial laws are conflicting or inconsistent, the federal government is favoured
majorly because municipalities are created by provincial legislation and they are
powered and ruled by federal law/government. A perfect example of this is when a
Canadian city is opposing pipelines to be built in certain areas, the final decision rests in
the hands of the federal government. In many ways this concept can be easily interpreted
by different levels of power and authority, whoever has more often overrules and has
final decision.
2. (Group 2/Question 4) What is the primary goal of a legal risk management
plan?
Legal risk management plan is a comprehensive action plan for dealing with the legal
risks involved in operating a business. This means identifying the legal risks associated
with a business and implementing concrete measures for managing those risks. The
primary objective or goal is to specifically identify and plan for risks before they occur.
Many businesses would prosper and be very successful if legal risk management plans
are put in place, it also allows operators to abide by laws and realize the consequences
that may happen. It can also be referred as “better safe than sorry” because not planning
for unfortunate legal circumstances could result in large fines, prison time and loss of
business/license forever. 1) identify legal risks 2) evaluate the risks 3) devise a risk
management plan 4) implement the plan.
3. (Group 3/Question 7) What are the advantages of arbitration in comparison
to litigation?
Arbitration is a process through which a neutral party makes a decision (usually binding)
that resolves a dispute. On the other hand, litigation is the process involved when one
person sues another. Both are similar in the way that it both concepts involve a hearing
where the parties make submissions and the resolution is out of control of the parties.
Arbitration has many advantages in ways that it is usually faster and cheaper, and the
parties can choose the decision maker. It can overcome the difficulties that litigation can
create and can be very flexible for businesses that don’t necessarily have much time.
4. (Group 4/Question 8) What is a limitation period? What is Alberta’s?
Limitation period is the time period specified by legislation for commencing legal
action. It outlines timeframes which legal proceedings must take place, unable to do
so in the specific timeframe results in no legal remedies. Limitation period can vary
depending on the importance of the legal matter and the province, but Alberta has a
general limitation period of two years. Meaning that the action must take place
MGMT 3230 Midterm Exam Guidance Page 2
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