Exam (elaborations)

Test Bank for Business Law in Canada, 13th Canadian Edition by Yates (All Chapters included)

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Business Law in Canada 13ce by Yates

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Université De Montréal ( )

Complete Test Bank for Business Law in Canada, 13th Canadian Edition by Richard A. Yates, Teresa Bereznicki-Korol, Trevor Clarke ; ISBN13: 9780137597819....(Full Chapters included and organized in reverse order from Chapter 15 to 1)...1.Managing Your Legal Affairs 2.Introduction to the Legal Sy...

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business law
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13th canadian edition
13ce
yates
9780137597819
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TEST BANK

Business Law in Canada, 13th
Canadian Edition by
Richard A. Yates

Complete Chapter Test Bank
are included (Ch 1 to 16)

** Immediate Download
** Swift Response
** All Chapters included

,Table of Contents are given below

1.Managing Your Legal Affairs
2.Introduction to the Legal System
3.The Resolution of Disputes: The Courts and Alternatives to
Litigation
4.Intentional Torts and Torts Impacting Business
5.Negligence, Professional Liability, and Insurance
6.The Elements of a Contract: Consensus and Consideration
7.The Elements of a Contract: Capacity, Legality, and Intention
8.Factors Affecting the Contractual Relationship
9.The End of the Contractual Relationship
10.Agency and Partnership
11.Corporations
12.Employment
13.Intellectual Property
14.Real and Personal Property and Protection of the Environment
15.Priority of Creditors
16.Sales and Consumer Protection

,The test bank is organized in reverse order, with the last chapter displayed first, to ensure that all
chapters are included in this document. (Complete Chapters included Ch16-1)

Chapter 15 13ce Yates
1. Which of the following is false with regard to property?
a. Both real and personal property can be given as security to a creditor that he will be repaid.
b. Real property consists of land but does not include the buildings on that land.
c. Personal property includes intangible rights.
d. Personal property includes chattels.
e. Real property includes fixtures.

2. If you want to buy a car from a private party (other than a dealer), which of the following is false?
a. If you request a search and the Personal Property Registry states that the car is free and clear of liens
and encumbrances, then title is clear.
b. If the seller tells you that the car is free and clear, and two months later a holder of a properly
perfected and attached security interest claims a right to the car, you could lose the car.
c. Even if both the seller and the Personal Property Registry indicate to you that the car's title is clear,
you could still lose it to a third party.
d. If the seller indicates to you that the title is clear, but after the sale the car is seized by someone with
the legal right to do so, you could still sue the seller.
e. If the seller makes no representations whatsoever about the car and the car is seized by a creditor,
you can still sue the seller because he had an obligation to deliver good title.

3. Identify which of the following statements best describes the legal position of a conditional
seller.
a. The conditional seller must comply with the provisions of the Personal Property Security Act to
protect his interest.
b. He is given first priority over all of the other creditors with respect to all of the conditional buyer's
assets.
c. The conditional seller is in a better legal position than if instead he had been the chattel mortgagee of
the same assets.
d. The conditional seller loses all legal rights against the conditional buyer if he fails to register.
e. The conditional seller has no legal rights because such contracts are void.

4. Which one of the following statements about the Personal Property Security Act is true?
a. This legislation applies only to all present transactions where personal property is given as security
interest to enforce an obligation.
b. Unless a creditor in a secured transaction covered by this act takes steps to attach and perfect his
security interest, he could lose that interest to someone outside the contract.
c. In a situation where a debtor fraudulently attempts to transfer property that he has given as
security, the Act is designed to protect both the debtor and the secured creditor.
d. If a secured creditor fails to register his security interest in the Personal Property Registry, he loses
his rights against the debtor.
e. If someone suspects that an item of personal property has been given as security by a particular
person, he can sue on the breach of a condition.

5. Amy Carr looked at a 2016 Ford being sold by a private party who told Carr that the car
was free and clear of all encumbrances. Carr had the Ford inspected by Automobile
Association, which reported it to be in good condition. Carr bought the Ford for $8000.
Two months later, the car was seized by a bank that had properly perfected and attached
its security interest. On these facts, which of the following is true?
a. Carr would be able to keep the Ford because the seller had represented that the Ford was free and
clear of encumbrances.
b. Carr would be able to keep the Ford because she was an innocent purchaser without notice of any
lien or charge.
c. The bank would get the Ford because it had title to it as security, and it could claim its right to title
whether it perfected and attached the security interest or not.
d. The bank would get the Ford because it properly perfected and attached its security interest.
e. Carr will lose the car and has no recourse against anyone.

, 6. With regard to guarantees and indemnities, which of the following is false?
a. A guarantor can use any defence against the creditor that the debtor could use.
b. A legally binding promise to be primarily responsible for someone else's obligation is an indemnity.
c. A guarantee cannot be enforced in court unless it satisfies the writing requirements set out in statute.
d. Subrogation can result in a guarantor's being able to sue successfully the very debtor whose
obligation he guaranteed.
e. A legally enforceable guarantee must satisfy all the elements required to create a binding contract
except consideration.

7. Which of the following statements regarding the securing of debt is true?
a. The term guarantee, otherwise known as an indemnity, refers to a primary debt obligation.
b. To avoid problems related to consideration, lending institutions often require that guarantees be
placed under seal.
c. In every province, there is now a requirement that a guarantor appear before a notary public.
d. Because of the principle of caveat emptor, a creditor has no obligation to protect the interests
of a guarantor.
e. As guarantees are mere formalities, there is little point in getting legal advice prior to executing one.

8. A continuing guarantee
a. allows a creditor to advance further funds without affecting the obligation of the guarantor to pay in
the event of default.
b. is a primary obligation of a third party to pay a debt along with a debtor.
c. is a written commitment not to pursue a legal claim against another.
d. is an equitable principle assuring that when security is repossessed, there will be a period of time
during which the debtor can still make payment.
e. allows a breaching party to pay an amount specified in a contract, rather than facing a lawsuit for
damages.

9. Elizabeth gave a guarantee to the Bank in support of a loan to Tomasz. Over the next few
years, the Bank and Tomasz made a number of alterations to the loan agreement. The
effect of these changes was to significantly increase the amount owing to the Bank.
Elizabeth had no notice or knowledge of these changes, nor did she consent to any such
changes. What is the likely result?
a. Elizabeth is bound by the changes to the loan because guarantees are, by their nature, continuing.
b. Guarantees are a mere formality; only Tomasz has obligations to the Bank.
c. The guarantees are likely to be invalid and unenforceable against Elizabeth.
d. A guarantee is executed under seal, therefore it will be presumed valid regardless of defect.
e. The failure to notify Elizabeth would release both Elizabeth and Tomasz from their obligations.

10. With regard to guarantees, which of the following is false?
a. A guarantor can use any defence against the creditor that the debtor could use.
b. A legally binding promise to be primarily responsible for someone else's obligation is an indemnity.
c. A verbal guarantee is as enforceable as a written one.
d. Subrogation can result in a guarantor's being able to sue successfully the very debtor whose
obligation he guaranteed.
e. A legally enforceable guarantee must satisfy all the elements required to create a binding contract.

11. Which of the following is the consequence of an unpaid subcontractor failing to file his lien
on time? The owner had contracted with the general contractor who in turn had contracted
with this subcontractor.

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Exam (elaborations)

Test Bank for Business Law in Canada, 13th Canadian Edition by Yates (All Chapters included)

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