Exam (elaborations)

Business Law FINAL EXAM (MGMT 3230)

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Course
MGMT 3230

Institution
Mount Royal University (MRU )

The Business Law Final that haunts everyone... Not this time! Everything you need to ace your final is in this document! Terms, case studies, short answer, long answer, it's all here. This will help you in achieving an amazing final grade.

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Uploaded on September 7, 2022
Number of pages 8
Written in 2020/2021
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FINAL EXAM

MGMT 3230 FALL 2020
BUSINESS LAW

1. VALUE: The value of each question is indicated after every question. Answer all five (5)
questions.

2. TIME: You have 3 hours to complete this exam.

3. This is an open book exam, you may have your text and notes as a reference. Please put
away all other materials, including cell phones and other electronic devices. You may not
collaborate with another person.

4. There is no page limit.

5. Your answer will be marked for completeness and quality of analysis. You will not get marks
for simply stating the law, you have that as a reference. I am looking for your application of the
law to the fact situations described in the questions.

6. Submit your answer sheet by email to plmiller@mtroyal.ca just as you did with
assignment #2

7. Review the entire exam before you begin to write and allocate your time reasonably. The last
two questions are the most difficult and worth the most.

MGMT 3230 Final Exam – Fall 2020 Page 1

, 1. Answer the following THREE questions.

Throughout the semester we discussed how the three-part definition of law was reflected in different
areas of the law:

a. Discuss how three different aspects or areas of commercial contract law (eg. doctrines, rules,
cases, etc.) fulfill the three main purposes of the law. Be specific and explain your answer. (10
MARKS)

Commercial law effectively governs trade between businesses and consumers. It creates a regulated system that is fair for
both parties so that trade can be conducted in a reasonable manner. An offer, acceptance, consideration and mutual
consent to a contract must be met. Legislatures are acting to protect citizens against certain abusive commercial practices.
called Consumer Protection law, in which rules and standards are imposed to suppress fraud, to avoid forced sales and to
protect the consumer against dishonest practices. Types of commercial contracts can be sales of goods, lease or
purchasing of real property and use of intellectual property.

b. Employment contracts and commercial contracts are similar in a number of ways but differ in
many important respects. Focusing on three key areas, explain how employment and
commercial contracts differ. Explain why these differences make sense, in light of the law’s
three main purposes. (10 MARKS)

Laws help to ensure a safe and peaceful society. The Canadian legal system respects individual rights and ensures
that society is in order. It applies the same law to everybody. This includes the police, governments and public
officials and even commercial and employment contracts. These laws can also differ as there is less freedom in
employment contracts than there is with commercial contracts. The reason why is because commercial contracts
have a more extensive description of terms. Employment contracts are purposely designed to protect workers
from the imbalance of bargaining power in the labour market. It is an agreement that the employee is part of an
entity and therefore has to follow and abide by the rules and expectations the business has made. Rather,
commercial contracts are an agreement that puts one party into a binding position either to do something or to not
engage in stated activity. Commercial has to be mutual whereas employment contracts favour the
business/management’s own interest.

c. Fiduciary obligations are owed by participants in two important business forms. Explain
fiduciary obligations and discuss how the imposition of these obligations on select individuals in
business helps achieve the three purposes of the law. (10 MARKS)

Fiduciary obligations are intended to protect the more vulnerable party in relationships involving a high degree of
confidentiality and trust. Common examples of fiduciary relationships include doctor-patient, lawyer-client,
employer-employee. Fiduciary relationships – and therefore obligations – arise when one party has the power or
position to use information that could negatively impact the other party’s interests. For example, a doctor would
have a fiduciary duty not to refer a patient to a business or product in which the doctor has a vested
interest unless this is truly in the patient’s very best interest. Breach of this duty is considered a serious violation of
the law and any losses incurred by the beneficiary must therefore be compensated.

MGMT 3230 Final Exam – Fall 2020 Page 2

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Exam (elaborations)

Business Law FINAL EXAM (MGMT 3230)

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