Question 1

Explain when a group of people would create a society.

Accepted Answer

When the objective o

Question 2

"Partners must make clear in their partnership agreement any limitations on authority they wish to impose on each other when entering into contracts with outsiders." Discuss the accuracy of this statement.

Accepted Answer

Partners cannot limit their liability to

Question 3

Explain under what circumstances a principal will be responsible for the wrongful acts of an agent who's not an employee.

Accepted Answer

When the agent has committed a

Question 4

In the process of assembling land for Ace Construction Ltd. to build a supermarket, Joe entered into a contract with the seller Sam. In which of the following situations would Sam be able to sue the principal Ace?

Accepted Answer

A)  Where Joe revealed that he was acting as an agent, but did not disclose that he was acting for Ace in particular, and exceeded both his apparent and real authority. Ace did not ratify the contract. 
B)  Where Joe disclosed that he was acting for Ace but made the contract "subject to ratification." 
C)  Where Joe was acting outside his authority and did not disclose that he was acting for the Ace. Sam was aware of Joe acting independently at the time he entered into the contract. 
D)  Where Joe exceeded his actual authority but where Ace had led Sam to believe Joe had the authority. 
E)  Where Joe exceeded his apparent and actual authority. 
A)  Where Joe revealed that he was acting as an agent, but did not disclose that he was acting for Ace in particular, and exceeded both his apparent and real authority. Ace did not ratify the contract. 
B)  Where Joe disclosed that he was acting for Ace but made the contract "subject to ratification." 
C)  Where Joe was acting outside his authority and did not disclose that he was acting for the Ace. Sam was aware of Joe acting independently at the time he entered into the contract. 
D)  Where Joe exceeded his actual authority but where Ace had led Sam to believe Joe had the authority. 
E)  Where Joe exceeded his apparent and actual authority.

Question 5

How is an agency relationship created?

Accepted Answer

An agency relationship is usua

Question 6

Explain what must be done to create a limited partnership.

Accepted Answer

Limited partners invest in the partnersh

Question 7

"As in other forms of business, when decisions are to be taken, the majority of the partners must approve the decision." Discuss the accuracy of that statement.

Accepted Answer

This statement is inaccurate.

Question 8

Max has been sued for $20,000 as a partner with Jim Nogoode. Which of the following is false with regard to determining whether or not a person is a partner?

Accepted Answer

A)  The legal relationship of partnership requires that two or more persons carry on business in common with a view to profit. 
B)  Co-ownership of a property does not in itself raise a presumption of partnership. 
C)  Sharing gross revenues of a business does not in itself raise a presumption of partnership. 
D)  If no profit was made in the business, Max would not be a partner. 
E)  Sharing of profits is evidence of the existence of a partnership. 
A)  The legal relationship of partnership requires that two or more persons carry on business in common with a view to profit. 
B)  Co-ownership of a property does not in itself raise a presumption of partnership. 
C)  Sharing gross revenues of a business does not in itself raise a presumption of partnership. 
D)  If no profit was made in the business, Max would not be a partner. 
E)  Sharing of profits is evidence of the existence of a partnership.

Question 9

Sole proprietors can look only to their own resources to finance the business operation. They cannot sell shares and are restricted to their own ________ standing when borrowing money to finance the business.

Accepted Answer

A)  asset 
B)  debt 
C)  profit 
D)  credit 
E)  retained earnings 
A)  asset 
B)  debt 
C)  profit 
D)  credit 
E)  retained earnings

Question 10

When the partners fail to register their partnership, they can neither sue nor be sued.

Accepted Answer

A) True 
 B)False

Question 11

The biggest issue for a sole proprietor is unlimited liability.

Accepted Answer

A) True 
 B)False

Question 12

Unlimited liability means that an investor can only lose everything he has invested in a corporation.

Accepted Answer

A) True 
 B)False

Question 13

A person owing a fiduciary duty must submerge personal interests in favour of the interests of the principal he or she represents.

Accepted Answer

A) True 
 B)False

Question 14

The federal government owes a fiduciary duty to Indigenous peoples when they are making laws. Comment on this statement.

Accepted Answer

Students should refer to Mikisew Cree Fi

Explain when a group of people would create a society.

"Partners must make clear in their partnership agreement any limitations on authority they wish to impose on each other when entering into contracts with outsiders." Discuss the accuracy of this statement.

Explain under what circumstances a principal will be responsible for the wrongful acts of an agent who's not an employee.

In the process of assembling land for Ace Construction Ltd. to build a supermarket, Joe entered into a contract with the seller Sam. In which of the following situations would Sam be able to sue the principal Ace?

How is an agency relationship created?

Explain what must be done to create a limited partnership.

"As in other forms of business, when decisions are to be taken, the majority of the partners must approve the decision." Discuss the accuracy of that statement.

Max has been sued for $20,000 as a partner with Jim Nogoode. Which of the following is false with regard to determining whether or not a person is a partner?

Sole proprietors can look only to their own resources to finance the business operation. They cannot sell shares and are restricted to their own ________ standing when borrowing money to finance the business.

When the partners fail to register their partnership, they can neither sue nor be sued.

The biggest issue for a sole proprietor is unlimited liability.

Unlimited liability means that an investor can only lose everything he has invested in a corporation.

A person owing a fiduciary duty must submerge personal interests in favour of the interests of the principal he or she represents.

The federal government owes a fiduciary duty to Indigenous peoples when they are making laws. Comment on this statement.

Managing Your Legal Affairs

Introduction to the Legal System

The Resolution of Disputes: the Courts and Alternatives to Litigation

Intentional Torts and Torts Impacting Business

Negligence, Professional Liability, and Insurance

The Elements of a Contract: Consensus and Consideration

The Elements of a Contract: Capacity, Legality, and Intention

Factors Affecting the Contractual Relationship

The End of the Contractual Relationship

Corporations

Employment

Intellectual Property

Real and Personal Property and Protection of the Environment

Priority of Creditors

Sales and Consumer Protection

Filters

Exam 10: Agency and Partnership

Explain when a group of people would create a society.

"Partners must make clear in their partnership agreement any limitations on authority they wish to impose on each other when entering into contracts with outsiders." Discuss the accuracy of this statement.

Explain under what circumstances a principal will be responsible for the wrongful acts of an agent who's not an employee.

In the process of assembling land for Ace Construction Ltd. to build a supermarket, Joe entered into a contract with the seller Sam. In which of the following situations would Sam be able to sue the principal Ace?

How is an agency relationship created?

Explain what must be done to create a limited partnership.

"As in other forms of business, when decisions are to be taken, the majority of the partners must approve the decision." Discuss the accuracy of that statement.

Max has been sued for $20,000 as a partner with Jim Nogoode. Which of the following is false with regard to determining whether or not a person is a partner?

Sole proprietors can look only to their own resources to finance the business operation. They cannot sell shares and are restricted to their own ________ standing when borrowing money to finance the business.

When the partners fail to register their partnership, they can neither sue nor be sued.

The biggest issue for a sole proprietor is unlimited liability.

Unlimited liability means that an investor can only lose everything he has invested in a corporation.

A person owing a fiduciary duty must submerge personal interests in favour of the interests of the principal he or she represents.

The federal government owes a fiduciary duty to Indigenous peoples when they are making laws. Comment on this statement.

Managing Your Legal Affairs

Introduction to the Legal System

The Resolution of Disputes: the Courts and Alternatives to Litigation

Intentional Torts and Torts Impacting Business

Negligence, Professional Liability, and Insurance

The Elements of a Contract: Consensus and Consideration

The Elements of a Contract: Capacity, Legality, and Intention

Factors Affecting the Contractual Relationship

The End of the Contractual Relationship

Corporations

Employment

Intellectual Property

Real and Personal Property and Protection of the Environment

Priority of Creditors

Sales and Consumer Protection

Filters