GMGT 3300 FINAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS
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Module
GMGT 3300
Institution
GMGT 3300
GMGT 3300 FINAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS
What is the doctrine of part performance? - Answer-Method developed by equity to limit the statute of frauds.
If the plaintiff can show that performance of the contract has begun and he has relied on its existence, the court would accept t...
GMGT 3300 FINAL EXAM QUESTIONS
WITH 100% CORRECT ANSWERS
What is the doctrine of part performance? - Answer-Method developed by equity to limit
the statute of frauds.
If the plaintiff can show that performance of the contract has begun and he has relied on
its existence, the court would accept that performance as evidence of the contract
without writing.
Conditions that need to be satisfied:
1. Contract must concern land
2. Performance must clearly suggest the existence of a contract dealing with the land in
question
3. Activities of either party may be considered performance, but the plaintiff must have
relied on the existence of the contract and suffered a loss if the contract is not enforced.
This is detrimental reliance.
What's the difference between the doctrine of part performance and the doctrine of
substantial performance? - Answer-Part performance: Developed by equity to limit
statute of frauds. Deals with oral contracts concerning land only where one party has
done work suggestive of a contract deal.
Substantial performance: Deals
What are some legal strategies to manage the legal risks of consideration and intention
to enter into a legally binding contract? - Answer-- Be clear of intention to enter into a
contract
- Include the exchange of a dollar between the parties of a contract
- Have contracts be signed under seal
- Have both parties be aware that exemption clauses and choice-of-forum clauses may
limit the rights of either party to take legal action against the other
- Any modification must be completed under seal or with consideration to continue to
be legally binding
What constitutes a written agreement? - Answer-- names of all parties involved
- consideration given up
- possession date
- signed by both parties
- essential terms of the contract
- could be in several documents
What does the statute of frauds require to be in writing? - Answer-- promise by an
executor or administration to pay for damages out of their own estate
,- guarantee of the debt of another
- pre-nuptial agreements
- agreements concerning an interest in land
- agreements not to be performed for one year
- ratification of a minor's contract
What is the statute of frauds? - Answer-- A law requiring certain contracts to be in
writing in order to be enforceable.
How does the statute of frauds promote fraud? - Answer-- allowing certain oral contracts
to be unenforceable
What is an implied term in an employment contract? - Answer-- reasonable notice
provision
- length depends on the time of the employee's service
- can give notice or severance pay
What is the doctrine of privity? - Answer-- a contract, as a general rule, cannot confer
rights or oppose obligations arising under it on any person except parties to a contract.
- exceptions: insurance contracts where benefits can be given to a beneficiary
What are the major forms of business organizations in Canada? - Answer-- Sole
Proprietorships
- Partnerships
- Corporations
- Co-Ops
What are some advantages of a sole proprietorship? - Answer-- ability to make all
business decisions
- rights to all profits made
- right to deal with all assets of the business without interference
- cheap and simple to set up. just register the name for a small fee
What are some disadvantages of a sole proprietorship? - Answer-- unlimited liability:
owner is liable for all the liabilities of the business. all their assets are at risk
What are some prophylactic actions that one can take to protect their assets? - Answer-
- Insurance (negligence insurance, property insurance, disability insurance, business
interruption insurance)
- legitimate business and estate plan (transferring property to trusted relatives or kids)
- investments in creditor proof assets (RRSP)
What is a co-operative designed to do? - Answer-- provide members with goods and
services at prices lower than that of the market
- organized in a way that maximizes returns to its members
, - eliminates middlemen in the economy, sells directly to customers and buys directly
from producers
What are the defining features of a co-op? - Answer-- each member has only one vote,
regardless of the number of shares they hold or the amount of capital they contribute
- no proxy votes, each member must be present in order to cast a vote at meetings
- no fixed rate of return on capital
- profits in excess of what is necessary to operate the co-op are paid to the members
according to the amount of goods purchased or sold through the organization by the
member.
What are the defining features of a partnership? - Answer-- implicit agreement (does not
need to be said or in writing)
- sharing profits of a business is not sufficient evidence of a partnership though highly
indicative
- sharing property
-an active role in the business
- existence of an ongoing business rather than a transaction
What is estoppel? - Answer-A legal prohibition which stops a person from making a
particular statement of claim because of something he has said or done before. Unable
to deny the claims of being a partner if they have announced it prior and you did not
object.
What is the chief consequence of becoming a partner? - Answer-- Unlimited liability to
outsiders who deal with the partnership
- it resembles a sole proprietorship as it's not a separate entity from its partners.
- similar to a "multiple proprietorship"
What are some consequences of partnership liability? - Answer-- each partner in a firm
is jointly and separately liable for each action of the partnership
- each partner is both an agent and principal of the partnership
- each partner, acting as an agent, can create liabilities in respect of the partnership
- agents have the ability to bind their principle to liabilities
- the agent may not necessarily incur the liability
How can a partnership be dissolved? - Answer-- publish a notice that the partnership is
dissolved
- provide actual notice to those who deal frequently and recently with the firm
- or else you could still be held liable due to partnership by estoppel
What are some implied terms in section 27 of the partnership act? - Answer-1. all
partners may take part in management
2. need consent of all partners to bring in new partner
3. all partners liable to share equally in contributions to capital, in losses, and profits
4. no partner is entitled to remuneration in acting in partnership business
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