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law for business

Questions and Answers of Law for Business

Describe the legal separation of ownership and control in a corporation. Does it always exist in practice?
What is meant by “piercing the corporate veil”? Provide an example of a situation in which a court might do so.
“A corporation is a separate legal entity.” What does that statement mean?
Crook was employed as the scrap manager for Canada Labs Inc (Canlab). In that capacity, Crook regularly sold waste gold generated by the experimental work conducted by Canlab to Golden Corona Mines
“The fiduciary duty of directors and officers is owed to the corporation.” Explain that statement.
How can a lease be set up like a secured loan to finance the acquisition of an asset?
Jordan is an accountant with a national firm. He is also a director of Bear-Tech Inc, a producer of communications equipment, and a member of the corporation's audit committee. In the committee's
Is a director of a corporation allowed to be involved personally in a transaction with the corporation? If so, when?
Xena was the original shareholder and sole director of Aberdeen Consulting Ltd. She held 10 shares. The corporation was profitable, but it needed more capital to engage in new business projects. To
Joelle is a director of Gold Assets Corp, a gold mining company. At a board meeting, Joelle hears about a mining claim that a prospector wants to sell to Gold Assets Corp. The board is presented with
Apex Ltd has been having financial difficulties. The directors of Apex are concerned that the corporation is not going to be able to pay its obligations to creditors at the end of the month.
What is the significance of a person’s position and personal characteristics in determining what the director’s duty of care requires?
Florence Industries Ltd, based in Alberta, manufactures household cleaning products. Its president, Ebenezer, entered into negotiations with Second Class Disposal Services Inc for a contract to
Explain how the duty of care applies to business judgments made by directors and officers.
New Technology Co is a public company whose shares are widely held and listed on the Toronto Stock Exchange. In the last year, the corporation's business has struggled, and its share price has fallen
Describe one way in which corporate law protects creditors.
PVRCo Inc is a distributor of PVRs. The corporation has 10 shareholders, including Frances and her two sons, who together hold 60 percent of the shares and are also the directors of the corporation.
What limits are there on the ability of a corporation to indemnify its directors for costs incurred in defending an action to which they were made a party only because they were directors?
Taylor, a shareholder in Corporation A, wanted to sell her shares. She asked Graham, the chair of the board of directors, if he knew of anyone who wanted to buy shares of Corporation A. Graham said
How does corporate law try to facilitate shareholders’ exercise of their rights?
Simone is a director of Pace Computers Ltd. She is also the sole shareholder and director of Simtronics Supply Inc, which sells parts for personal computers. At a Pace board meeting, Simone suggests
Assume a corporation had two shareholders holding 10 percent and 90 percent of the corporation's shares. Both shareholders want an equal say in any major decision about the corporation's business. Do
Sureet has just been appointed a director and the CEO of Astra Corp, which carries on dry cleaning businesses at locations across Canada. The shares of Astra Corp are listed for trading on the
What is a "shotgun buy-sell"?
Why is the oppression remedy more useful to shareholders than the derivative action?
You own 20 percent of the shares of Ermine Inc and Adam owns the remaining 80 percent. Adam is the sole director and runs the business on a day-to-day basis. You are a passive investor. If Adam has
In what ways do securities law and corporate law rules overlap?
Why do the legal mechanisms by which shareholders keep directors accountable to them not work very well in large corporations with many shareholders?
What are the main legal requirements that management of a corporation must fulfill to help ensure that its decisions are consistent with corporate social responsibility?
Alan, Bettina, and Carl propose to set up a corporation to carry on a consulting business. The corporation will only have only common shares-20 percent will be held by each of Alan and Bettina, and
What must a person dealing with a corporation establish to enforce a contract with the corporation?
Who is the "directing mind" of the corporation? What is the significance of this concept in relation to corporate liability for crimes? For torts?
Why would a creditor be interested in obtaining a security interest?
Erin bought a new car for her catering business from Davis Motors Inc for $20 000. Under the terms of the purchase, Erin paid $5000 down and agreed to pay the balance in regular monthly instalments.
City Manufacturing Corp produces solar panels and sells them to dealers across Canada on credit. City's sole shareholder is Jerome, who has made an enormous amount of money in a number of high-tech
Describe how a pledge can be used to give a security interest. What is a limitation on the use of a pledge to create security interests?
Tornado Tyres Inc borrowed $1 000 000 from National Bank. As security for its loan, Tornado gave National a security interest in all personal property that it owned at the time that it entered into
Describe four other ways in which a creditor can obtain a security interest in the specific property of a debtor.
In June 2015, Cory leased a $50 000 truck from Superior Leasing Inc for the snowploughing business he carried on in Toronto. The lease allowed Cory to use the truck for three years in return for
When is a consignment the same as a conditional sale?
Based on the facts in Problem 10, how would these issues be addressed differently if Alice and Mario were to set up a corporation to accomplish their business objectives?
If you are a partner, how do you protect yourself against the risk of other partners creating unauthorized obligations for the firm?
Oren and Jenna carry on their business of buying and selling real estate as a partnership. Each is entitled to 50 percent of the profits from the business. Oren bought and sold a parcel of real
What do you have to do to create a sole proprietorship?
Carol carried on a consulting business as a sole proprietorship. She met Steven Stevenson at a conference. Steven told Carol that he was a "senior litigator and partner" in a mid-sized Saskatoon law
Who is responsible for the obligations of a business that is carried on by a sole proprietor? What does this mean in practice for sole proprietors?
You are the president of a large steel manufacturer and all of your corporation's legal work is done by one of the largest law firms in the country, Osman & Co. Your company regularly relies on
What are the major limitations of the sole proprietorship?
Ben and Stephanie decided to open up a restaurant. Stephanie contributed a building she owns, in which the restaurant will operate, that is worth $300 000 and Ben contributed $100 000 for
When does a sole proprietorship have to register its name under provincial law?
Bobby was one of several limited partners in a limited partnership called Typecast Limited Partnership, as well as the sole shareholder and president of a corporation named Live Magazine Inc, which
Why should a creditor of a partnership be concerned about the creditworthiness of the partners?
Mahnaz and Lisa made a lot of money from the sale of their technology business and are earning significant income from their investments. They now want to start a film production business. To get
What are the criteria for the creation of a partnership?
For over five years, Rick was the CEO of JB Guitars Inc, a corporation operating a chain of retail guitar stores. He had gained tremendous practical experience and decided to start his own business
If you were a draftsperson employed by a firm of architects who were carrying on their business as a partnership and you received a share of the profits of the business as part of your compensation,
Jurgen operated a shoe store as a sole proprietorship. His accountant recommended that he transfer the business to a corporation-in which Jurgen would be the sole shareholder, officer and director-to
If you were entering a business relationship and did not want to be a partner, what could you do?
Lucia and Olga have decided to buy some commercial real estate through a corporation. The corporation will buy commercial properties, earn money from rent paid by tenants to cover the operating
How does the fiduciary duty that each partner owes the others help to protect partners against the risk of unwanted liabilities?
Alice has been carrying on a sporting goods business in Ottawa as a sole proprietorship under the name A-Sport since 1999. By the spring of 2016, she was unable to cover the costs associated with the
What key documents define the characteristics of a corporation?
How is a corporation created and organized? Why would you need a lawyer to advise you on creating a corporation?
How does business organizations law address the risk that entrepreneurs will be liable for the obligations of the businesses they carry on?
You have recently bought a house with the help of a real estate agent you had hired. After the transaction, you found out that the house belonged to the agent's brother. You are now concerned that
Are the parties to a contractual joint venture, a strategic alliance, a distributorship, and a franchise agreement in an agency relationship?
You are a principal who wants to terminate the agency agreement under which Shazad sells products on your behalf. Would you be worried that Shazad would be able to commit you to contracts after the
Explain the situations in which a principal can be held liable for torts committed by their agent. Is there anything that the principal can do to reduce the risk of liability?
Describe the ways in which an agency can be terminated by the principal.
At 9:00 am, you instruct your stockbroker to buy 1000 shares of Bolt Networks Inc as soon as possible at the current market price of $10. The stockbroker forgets to place your order until the next
You contracted with Lana to act as your agent in purchasing lumber. That contract does not say that she is entitled to be paid. Are you required to pay her a fee? Are you required to pay her expenses
You entered into a contract with your nephew under which you gave him the power to buy you a new television. You know that your nephew is incompetent, but you want to give him an opportunity to make
Able has acted as an agent for Solon Corp for several years. Solon was in the business of selling security services. Able’s contract required him to seek customers for Solon’s services. In the
If you were a real estate agent acting on behalf of someone who wanted to purchase a house and the seller told you that the basement was dry but you noticed water stains on the basement drywall, what
Sharif owned 10 percent of the shares of Orca Environmental Consulting Inc. Jenna, the lawyer for Orca, approached Sharif, telling him that she represented "a group of investors" who were interested
Allan has appointed you as an agent to sell his line of ski jackets to retailers. Another manufacturer asks you to carry its line of ski jackets as well. Can you agree to carry the other line?
Sal and Vasu entered into an agreement to buy an apartment together, hold it for a year or so, and then resell it. They called their contract a "joint venture agreement." It provides that each will
If you appointed an agent to buy a car for you at a car auction, what concerns would you have about actions of the agent that you had not authorized, such as agreeing to a higher price than you were
Porter entered into a contract with Hip Sports Inc under which Hip agreed to sell Porter's basketball shoes as its agent. Hip was authorized to enter into contracts to sell the shoes on Porter's
You negotiated a contract with an agent who said they were acting on behalf of a principal, but you later found out that the agent had no authority to do so. Assuming that the principal is not
Ellen operated a flea market under a tent. She decided that she needed insurance to protect her in case snow caused the roof to collapse. Ellen asked Sabra, an insurance broker, to obtain insurance
You have entered into a contract with Azam to supply your business with photocopy paper. You have known Azam for a long time and find him to be a reliable supplier of office supplies, though you have
Novak contracted with Janus, a real estate agent, to find a commercial property for Novak to operate as a nursing home. Janus suggested that Novak buy a small apartment building that he owned.
Jane and Ali are partners in a law firm. One of the firm's clients, Tran, became bankrupt recently. Just before Tran's bankruptcy, Ali helped Tran to fraudulently sell his house to his wife for $1 to
You are negotiating an agreement with Salim to buy some watches from the corporation that Salim works for, Alpha Watch Corp. The president has told you that Salim is the “manager of sales.” Would
Would your answer to the previous question differ if, instead of renting an apartment, you were negotiating with Arif to buy a business from Island Property Management Inc worth $10 000 000?
What steps can consumers take to reduce the number of calls they receive from telemarketers? Is there a way for a business or a consumer to ensure that no telemarketers will call?
What must a Canadian business do to comply with the law once it decides to engage in a telemarketing campaign?
What can happen to an entrepreneur who sends an email to his existing clients (with consent) if its subject header is misleading? Can the recipient sue or is it up to law enforcement agencies to
Why might a business want to avoid targeting a particular jurisdiction, and what steps can it take?
What advantages does Bitcoin provide over traditional currencies in the electronic commerce context?
What is the “double-spending problem” in electronic commerce? How do cryptocurrencies purport to solve that problem?
Adrie is a young entrepreneur who lives in British Columbia. He owns several businesses. Recently, having been disturbed during dinner for the third night in a row by telemarketers, he decided that
How can a business safeguard against the undesirable consequences of keystroke errors?
Having taken a business law class in university, Frieda was asked to lead in the development of an appropriate email business practice policy statement for her company. Although her company does not
Explain the complexities associated with automated electronic commerce.
Stevie is a computer programmer who makes applications for popular smartphone devices. Her newest application is called ThreeTriangle and it allows users to share their current location using the GPS
As an online service provider in Newfoundland and Labrador, describe how you can shield yourself from possible liability as an online intermediary.
Radhika is an employee of the TransCanadian Savings and Loan Corporation. After coming back from picking up her lunch one day, having left her office door wide open, as always, she noticed her laptop
What is the difference between an “online service provider” and an “Internet service provider”?

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