Briefly define consideration and explain why it is important

Assignment Help Business Law and Ethics

Reference no: EM13781271

Section A - True/False

1. ___________ Small Claims Court is a high volume court, with many cases involving debt collections for smaller amounts of money.

2. ___________A counteroffer revokes an offer only when this is a specified term of the counteroffer.

3. ___________The parol evidence rule states that if a contract is in writing and the language of the contract is clear, a court not look beyond the contract itself to interpret, alter or contradict its terms.

4. ___________To void a contract for incapacity, the person claiming incapacity must prove that incapacity must prove that incapacity existed at the time of entering into the contract and that the other person was aware of it.

5. ___________A sole proprietorship is created as soon as someone opens a business that interacts with the public.

6. ___________Partnerships are legally independent from the persons who comprise them.

7. ___________Shareholders owe a fiduciary duty that requires that they put the corporation's interests ahead of their own.

8. ___________Directors are elected by shareholders and must report to shareholders at regular shareholders' meeting.

Section B - Multiple Choice questions

1. Which of the following kinds of contract must be in writing to be enforceable?
a. Contracts related to consumer transactions
b. Contracts related to the sale of land
c. Contracts to lease a vehicle
d. None of the above.

2. Which of the following situations does not permit a court to imply in a court?
a. Custom within an industry
b. Business effectiveness
c. The omission of an essential term
d. All of the above

3. Which of the following are remedies for breach of contract?
a. Specific performance
b. Damages
c. Injunctions
d. All of the above

4. Which of these descriptions of a joint venture is false?
a. It is a temporary relationship designed to allow participants to complete one or a series of projects
b. Participants may be individuals or businesses, including sole proprietorships, partnerships and business corporations
c. The joint venture must have a name that combines the names of all its participants
d. A joint venture need not be registered with the government

5. Which powers are within the exclusive law-making power of the provinces under section 92 of the 1867 Constitution (BNA Act)?
a. Property and civil rights
b. Contracts
c. Trade with other provinces
d. Residual powers

6. Which of the following is not a source of law?
a. Common law (case law or judge-made law)
b. Statutes
c. The constitution and bylaws of a corporation
d. Charter of Rights and Freedoms (1982)

7. Which of the following statements is incorrect?
a. Shareholders have the right to vote in the election of the directors of the corporation
b. Officers report to shareholders of the corporation
c. Shareholders have the right to share in the assets of the corporation if it is wound up
d. Shareholders are not liable for the debts and obligations of the corporation

8. The word ‘firm' is most appropriately used to describe which business structure?
a. A limited partnership only
b. A partnership of lawyers or accountants only
c. Any partnership
d. A privately held corporation

Section C - Short Answer questions.

1. Briefly describe the steps involved in the litigation process.

2. Briefly describe the four elements of an enforceable contract.

3. What rights do parties give up when they include an arbitration clause in their contract?

4. Briefly describe 2 advantages and 2 disadvantages of running a business as a sole proprietorship.

5. List two characteristics of agency.

6. Briefly identify and describe 2 advantages and 2 disadvantages of public corporations versus private closely held corporations.

7. Briefly describe 2 benefits of well worded contracts.

8. Briefly define consideration and explain why it is important.

Reference no: EM13781271

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