BUSA 364 Business Law Test 1 Questions and Answers All Correct 2024 Latest Update
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Course
BUSA 364 Business Law
Institution
BUSA 364 Business Law
BUSA 364 Business Law Test 1 Questions and Answers All Correct 2024 Latest Update
What is a Unanimous Shareholders' Agreement? - Answer- The shareholder or shareholders of a company incorporated in Quebec can sometimes decide not to have a board of directors or to remove the one that is already i...
BUSA 364 Business Law Test 1
Questions and Answers All Correct
2024 Latest Update
What is a Unanimous Shareholders' Agreement? - Answer- The shareholder or
shareholders of a company incorporated in Quebec can sometimes decide not to have
a board of directors or to remove the one that is already in place. They can do this by
signing a "unanimous shareholder agreement," which is called a "declaration of the sole
shareholder" if there is only one shareholder
- Especially useful for a self-employed worker or for partners who want to create a
company but keep its internal operations as simple as possible.
What are the main sources of law in Canada? - Answer- 1. The Canadian Constitution
2. Federal & Provincial Legislation
3. Judicial Decisions
What is the difference between Substantive & Procedural (Adjectival) Law? - Answer-
Substantive law = The actual law you have to abide by (CCQ)
- Sets out the specific rights and responsibilities that people are bound by
- The part of law where you can find the substance of our rights
Procedural (Adjectival) Law = Contains the procedures enabling us to obtain what is
rightfully ours under substantive law.
- Sets out rules on how substantive laws should be applied
What is a "sale" (in legal context)? - Answer- Sale = A contract by which a person (the
seller) transfers ownership of property to another person (the buyer) for a price in
money which the buyer obligates himself to pay
In a sale contract, what are the Seller's obligations? - Answer- 1. Delivery
2. Guarantee Ownership
3. Guarantee Quality
What are the delivery obligations of the seller in a sales contract? - Answer- - Seller
must give property to the buyer, or allow them access
- Property form (colour, model, size) and quantity must be as agreed upon
, What is the ownership obligation of the seller in a sales contract? What if it is a sale of
property of another person? - Answer- The seller MUST guarantee full ownership to the
buyer
Sale of Property of Another Person
- Owner may revendicate property
Exceptions:
i) Seller becomes owner
ii) Judicial Sale
iii) Prescription
What is the Seller's "Quality" obligation? - Answer- It is a legal guarantee against latent
defects
What are "Latent Defects"? What are their conditions and exceptions? - Answer- Latent
Defects = Hidden defects or imperfections affecting a property that CANNOT be seen
with the naked eye at the time of purchase
NOTE: The Seller MUST disclose any latent defects in which they are aware of
A Latent Defect MUST meet the following criteria:
i) Exists at the time of the sale
ii) Must be serious (makes the item unfit for its intended use)
iii) Not apparent or obvious to a regular buyer
iv) Reduces the usefulness of the item & if the buyer was aware:
- Would not have bought it, OR
- Would not have paid such a high price
Latent Defects Exceptions:
i) For Sale "As Is"
ii) Judicial Sale
What happens if an item perishes due to Latent Defects? - Answer- If the seller:
- Was aware of the defect, or
- Is a merchant or anyone selling new goods, who is presumed to have known about the
defect
THEN:
- The seller MUST restore the price of the item AND pay all damages
If the seller:
- Was not aware of the defect (i.e. second-hand, garage sale)
THEN:
- The seller MUST restore the price of the item
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