Question 1

Which of the following is true with regard to the implied terms of the Sale of Goods Act?

Accepted Answer

A) If you ordered a lamp from a catalogue but it did not match the description when you received it,the seller is in breach of a warranty of the contract. 
B) The Act does not provide that the goods must be fit for purpose. 
C) If a buyer places an order for silk after seeing a sample of it,the order must be delivered within 10 days. 
D) The Act provides that the goods must be of "merchantable quality," and that means that the goods must be without flaw. 
E) When you buy a car,and the contract speaks only of the car and the price,you are entitled to receive good title,to acquire quiet possession and a car free from any encumbrances (i.e.,a claim by a bank). 
A) If you ordered a lamp from a catalogue but it did not match the description when you received it,the seller is in breach of a warranty of the contract. 
B) The Act does not provide that the goods must be fit for purpose. 
C) If a buyer places an order for silk after seeing a sample of it,the order must be delivered within 10 days. 
D) The Act provides that the goods must be of "merchantable quality," and that means that the goods must be without flaw. 
E) When you buy a car,and the contract speaks only of the car and the price,you are entitled to receive good title,to acquire quiet possession and a car free from any encumbrances (i.e.,a claim by a bank).

Question 2

Any substantial change in the nature of the contract between the creditor and the debtor without the guarantor's consent will relieve the guarantor of any obligation.

Accepted Answer

A) True 
 B)False

Question 3

Explain why bankruptcy and insolvency are important for a business person.

Accepted Answer

First,they are important to avoid one's

Question 4

"Signing a guarantee is a mere formality." Comment on this statement.

Accepted Answer

While many people may think that signing

Question 5

Distinguish between attachment and perfection under the Personal Property Security Act.

Accepted Answer

The creditor's rights under the Personal

Question 6

What is the difference in terms of legal responsibility between a co-signer and a guarantor of a debt?

Accepted Answer

When a party co-signs a debt,this is kno

Question 7

Distinguish between bankruptcy and insolvency.

Accepted Answer

Insolvency is simply not being

Question 8

The terms bankruptcy and insolvency mean two different things.An insolvent person is defined as someone unable to pay his or her bills as they become due.Bankruptcy,on the other hand,involves:

Accepted Answer

A) a process whereby a debtor's assets are actually transferred to an official who ultimately distributes them to the unpaid creditors. 
B) a process that is detailed in provincial bankruptcy laws across the country. 
C) a process which is intended to punish the debtor. 
D) a process that strips away privileged position of secured creditors with respect to assets taken as security and treats all creditors the same. 
E) a process that includes jail sentences to debtors for attempts to discharge inordinately high amount of debt. 
A) a process whereby a debtor's assets are actually transferred to an official who ultimately distributes them to the unpaid creditors. 
B) a process that is detailed in provincial bankruptcy laws across the country. 
C) a process which is intended to punish the debtor. 
D) a process that strips away privileged position of secured creditors with respect to assets taken as security and treats all creditors the same. 
E) a process that includes jail sentences to debtors for attempts to discharge inordinately high amount of debt.

Question 9

In the sale of goods:

Accepted Answer

A) title and ownership are separate concepts. 
B) ownership and possession are separate concepts. 
C) a change in possession and a transfer of title are the same thing. 
D) the buyer always has title when goods are paid for. 
E) the seller always has title when goods are paid for. 
A) title and ownership are separate concepts. 
B) ownership and possession are separate concepts. 
C) a change in possession and a transfer of title are the same thing. 
D) the buyer always has title when goods are paid for. 
E) the seller always has title when goods are paid for.

Question 10

Joe worked as a subcontractor for Harry in framing a house owned by Sam.When it became apparent to Joe that he was not going to be paid by Harry,what rights did Joe have under these circumstances?

Accepted Answer

He could file a buil

Question 11

Which of the following statements is correct with respect to the Sale of Goods Act?

Accepted Answer

A) The parties are restricted to contract out of any of the terms of the Sale of Goods Act. 
B) The Sale of Goods Act does apply to the sale of land. 
C) The terms included in the Sale of Goods Act override the terms agreed upon by the parties to such a sale of goods. 
D) Some of the terms of the Sale of Goods Act are implied in the contract of sale. 
E) The Sale of Goods Act does apply to the assignment of a contractual claim. 
A) The parties are restricted to contract out of any of the terms of the Sale of Goods Act. 
B) The Sale of Goods Act does apply to the sale of land. 
C) The terms included in the Sale of Goods Act override the terms agreed upon by the parties to such a sale of goods. 
D) Some of the terms of the Sale of Goods Act are implied in the contract of sale. 
E) The Sale of Goods Act does apply to the assignment of a contractual claim.

Question 12

When the sale of goods is involved and a specific price has not been agreed upon,a reasonable price must be paid.

Accepted Answer

A) True 
 B)False

Question 13

Explain the relationship between risk and title and how they are dealt with in the Sale of Goods Act.

Accepted Answer

This is an easier essay topic and requir

Question 14

The following events occurred before the goods or parts of the goods were lost or destroyed.In which case would the buyer suffer the loss?

Accepted Answer

A) Heinz contracted for all of the corn in Silo A.The seller still had to weigh the corn to determine the price. 
B) Al picked out and contracted for a particular computer,and an additional component had to be installed before it was in deliverable state.The component was installed,but Al had not been notified that it was ready. 
C) Jaspers contracted for four standard-sized cupboards for the kitchen.The boards had been cut,but they had not been assembled. 
D) George ordered a Pentium computer system with 4 megabytes of RAM and a 105-megabyte hard drive advertised by Kicks Computers. 
E) Yates chose which of the desks he wanted and contracted for it,but he had agreed to pay and pick it up the next day. 
A) Heinz contracted for all of the corn in Silo A.The seller still had to weigh the corn to determine the price. 
B) Al picked out and contracted for a particular computer,and an additional component had to be installed before it was in deliverable state.The component was installed,but Al had not been notified that it was ready. 
C) Jaspers contracted for four standard-sized cupboards for the kitchen.The boards had been cut,but they had not been assembled. 
D) George ordered a Pentium computer system with 4 megabytes of RAM and a 105-megabyte hard drive advertised by Kicks Computers. 
E) Yates chose which of the desks he wanted and contracted for it,but he had agreed to pay and pick it up the next day.

Question 15

Under the Sale of Goods Act,the seller has a lien against the goods and can recover those goods from the purchaser in the event of default.

Accepted Answer

A) True 
 B)False

Question 16

Joe bought a TV "on approval," took it home,and installed it as part of a built-in stereo wall in his renovated recreation room.He discovered,however,that the TV was too small,extracted it from the wall,and took it back to the seller,saying he was not happy with it.The seller asked about the minor scratches on the finish and Joe explained that it had been built into the wall,and the trouble he had experienced to get the TV out again.Has title transferred? Explain.

Accepted Answer

Title transferred as soon as J

Question 17

The Sale of Goods Act adds a number of implied terms to a sale-of-goods transaction.Which one of the following statements is not an implied term under the Sale of Goods Act?

Accepted Answer

A) Where goods are sold by sample,the bulk must match the sample. 
B) The seller promises the buyer good title. 
C) The buyer is promised satisfaction or the right to get his or her money back. 
D) Goods sold by description must be of merchantable quality. 
E) Where the buyer tells the dealer what he wants them for and relies on the seller to provide them,the goods must be reasonably fit for that purpose. 
A) Where goods are sold by sample,the bulk must match the sample. 
B) The seller promises the buyer good title. 
C) The buyer is promised satisfaction or the right to get his or her money back. 
D) Goods sold by description must be of merchantable quality. 
E) Where the buyer tells the dealer what he wants them for and relies on the seller to provide them,the goods must be reasonably fit for that purpose.

Question 18

Under the Sale of Goods Act,when no time has been set for the return of goods taken on approval,title passes at the expiration of 48 hours.

Accepted Answer

A) True 
 B)False

Question 19

John walked into Sam's TV store and said,pointing to a particular television,"I'll take that one." They wrote up the deal,and John was to return the next day to pay for it and pick it up.Explain who bears the risk in the meantime.

Accepted Answer

John bears the risk.Rule #1 ap

Question 20

Attachment takes place:

Accepted Answer

A) when perfection is completed. 
B) upon registration of the claim. 
C) when a contract is executed. 
D) when the creditor takes possession of the property. 
E) when a debtor receives some value under the contract. 
A) when perfection is completed. 
B) upon registration of the claim. 
C) when a contract is executed. 
D) when the creditor takes possession of the property. 
E) when a debtor receives some value under the contract.

Which of the following is true with regard to the implied terms of the Sale of Goods Act?

Any substantial change in the nature of the contract between the creditor and the debtor without the guarantor's consent will relieve the guarantor of any obligation.

Explain why bankruptcy and insolvency are important for a business person.

"Signing a guarantee is a mere formality." Comment on this statement.

Distinguish between attachment and perfection under the Personal Property Security Act.

What is the difference in terms of legal responsibility between a co-signer and a guarantor of a debt?

Distinguish between bankruptcy and insolvency.

The terms bankruptcy and insolvency mean two different things.An insolvent person is defined as someone unable to pay his or her bills as they become due.Bankruptcy,on the other hand,involves:

In the sale of goods:

Joe worked as a subcontractor for Harry in framing a house owned by Sam.When it became apparent to Joe that he was not going to be paid by Harry,what rights did Joe have under these circumstances?

Which of the following statements is correct with respect to the Sale of Goods Act?

When the sale of goods is involved and a specific price has not been agreed upon,a reasonable price must be paid.

Explain the relationship between risk and title and how they are dealt with in the Sale of Goods Act.

The following events occurred before the goods or parts of the goods were lost or destroyed.In which case would the buyer suffer the loss?

Under the Sale of Goods Act,the seller has a lien against the goods and can recover those goods from the purchaser in the event of default.

The Sale of Goods Act adds a number of implied terms to a sale-of-goods transaction.Which one of the following statements is not an implied term under the Sale of Goods Act?

Under the Sale of Goods Act,when no time has been set for the return of goods taken on approval,title passes at the expiration of 48 hours.

John walked into Sam's TV store and said,pointing to a particular television,"I'll take that one." They wrote up the deal,and John was to return the next day to pay for it and pick it up.Explain who bears the risk in the meantime.

Attachment takes place:

The Canadian Legal System

Torts and Professional Liability

Formation of Contracts

Enforcing Contractual Obligations

Agency and Employment

Methods of Carrying on Business

Property

Ideas and Information

Electronic Commerce and International Trade

Filters

Exam 5: Legislation in the Marketplace

Which of the following is true with regard to the implied terms of the Sale of Goods Act?

Any substantial change in the nature of the contract between the creditor and the debtor without the guarantor's consent will relieve the guarantor of any obligation.

Explain why bankruptcy and insolvency are important for a business person.

"Signing a guarantee is a mere formality." Comment on this statement.

Distinguish between attachment and perfection under the Personal Property Security Act.

What is the difference in terms of legal responsibility between a co-signer and a guarantor of a debt?

Distinguish between bankruptcy and insolvency.

The terms bankruptcy and insolvency mean two different things.An insolvent person is defined as someone unable to pay his or her bills as they become due.Bankruptcy,on the other hand,involves:

In the sale of goods:

Joe worked as a subcontractor for Harry in framing a house owned by Sam.When it became apparent to Joe that he was not going to be paid by Harry,what rights did Joe have under these circumstances?

Which of the following statements is correct with respect to the Sale of Goods Act?

When the sale of goods is involved and a specific price has not been agreed upon,a reasonable price must be paid.

Explain the relationship between risk and title and how they are dealt with in the Sale of Goods Act.

The following events occurred before the goods or parts of the goods were lost or destroyed.In which case would the buyer suffer the loss?

Under the Sale of Goods Act,the seller has a lien against the goods and can recover those goods from the purchaser in the event of default.

The Sale of Goods Act adds a number of implied terms to a sale-of-goods transaction.Which one of the following statements is not an implied term under the Sale of Goods Act?

Under the Sale of Goods Act,when no time has been set for the return of goods taken on approval,title passes at the expiration of 48 hours.

John walked into Sam's TV store and said,pointing to a particular television,"I'll take that one." They wrote up the deal,and John was to return the next day to pay for it and pick it up.Explain who bears the risk in the meantime.

Attachment takes place:

The Canadian Legal System

Torts and Professional Liability

Formation of Contracts

Enforcing Contractual Obligations

Agency and Employment

Methods of Carrying on Business

Property

Ideas and Information

Electronic Commerce and International Trade

Filters