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Questions and Answers of Law for Business

Explain the basic difference between a debit card and a credit card.
Debbie Krawchuk wanted to buy a horse for her 11-yearold daughter to ride around their ranch. She agreed to purchase an eight-year-old Anglo-Arabian gelding, named Omar, from Eva Ulrychova. The
Explain the operation of a condition precedent and the operation of a condition subsequent.
Explain the nature and effect of the concept of an “entire contract.”
Ivan entered into a contract with Poe Paperback Inc, a small publishing company, to write a mystery novel in exchange for $5000. Under the terms of the contract, Ivan was to deliver a manuscript to
Explain the difference between rescission, accord and satisfaction, and release. Why does the issue of consideration cause problems for accord and satisfaction but not for rescission or release?
Anita is a gun dealer. Brad informed her that he wished to purchase an Uzi machine gun. She had none in stock but presented Brad with a document that contained the following passage, which both
Describe the process of novation as it applies between two parties and as it applies between three parties.
Gerry and Harlan both have lawn-care businesses. For a number of years, they agreed to take care of each other's clients for a two-week period while the other took a family vacation. Seven years ago,
Identify and explain two different meanings of the word “rescission.”
Dolores Van de Laer and her husband, Harry, recently had an in-ground pool constructed in their backyard. To protect their seven children, they hired Ruth, a certified lifeguard, to teach the family
What test do the courts use to distinguish between conditions, warranties, and intermediate terms?
Why does the breach of a condition support the right to discharge?
Why does the breach of a warranty not support the right to discharge?
When will the breach of an intermediate term support the right to discharge?
What is an “anticipatory breach”? How does it differ from a normal breach?
Describe the circumstances in which a breach will arise from self-induced impossibility. How do those circumstances differ from circumstances involving frustration?
If a contract is discharged for breach of a condition, does that contract completely cease to exist? Explain your answer.
Under what circumstances will the right to discharge be lost even if there has been a breach of a condition?
Stanley Simpson was a leading businessman and philanthropist in Kelowna, British Columbia, in the first half of the twentieth century. One of his ventures, a sawmill, burned down in 1944. Simpson had
Explain the process of partition. Provide an example of when it would be desirable to use that process.
Solomon Holdings Ltd entered into an agreement with Kostal Sporting Goods Supplies Inc. The agreement provided a formula for calculating monthly rent based on a combination of the market value of the
“Ownership of land can be shared only if all the interested parties have exactly the same interests.” Is that statement true? Explain your answer.
Takahana Sushi, a Japanese restaurant, rented its premises from Gunnar Schultz. The contract signed by the parties was very brief. For our purposes, these are the relevant provisions:Schultz promises
What does it mean to say that an interest “runs with the land”? Provide two examples of interests that run with the land.
Juliet Hwong is the owner and operator of Fashion Hair Culture. That business operates out of rented premises. The original lease ran for a period of five years. After two years, the landlord sold
Briefly explain the nature and purpose of a “condominium corporation”.
Wilson Hum leased a commercial property to Frank Mosher for use as a pizzeria. The parties' agreement contained three important provisions: During the term of the lease, the tenant shall not
Explain the meaning of “adverse possession”.
“A public easement is not really an easement.” Is that statement correct? Explain your answer.
Describe a licence and explain how it differs from an easement.
What is the difference between positive and negative covenants? Provide an example of each. In the context of restrictive covenants, why does the law draw that distinction?
What is a “building scheme covenant”?
What is a “profit à prendre”? If you have a profit à prendre, do you automatically own the things to which it applies?
Explain why a tenancy at sufferance is not really a tenancy at all, and why a tenancy at will may not really be a true lease either.
Serena and Douglas were joint tenants of a piece of land. Although Serena did not take much interest in the property, Douglas saw its potential value in the rental market. He therefore leased the
Explain the difference between the assignment of a lease and the creation of a sublease.
Describe two special types of remedies that may be available to a landlord under a commercial lease if the tenant fails to pay rent.
Explain five general differences between commercial leases and residential leases. Why have the legislatures felt the need to introduce those changes?
Five years ago, Megarry Inc owned a large piece of land. It subdivided that property into ten equal parts and sold three of them, as a single unit, to Cheshire Ltd. (Each of the three parts was
Explain why Sir Robert Torrens is important to land law in Canada.
The neighbourhood known as Pettytown is in the midst of a resurgence. The area was first settled following World War II. In that era, small houses usually were built on large lots. After a period of
Explain the basic meaning of “indefeasibility” and describe the three principles upon which it is based.
Briefly explain the difference between “immediate indefeasibility” and “deferred indefeasibility.”
Mark Minor owns a unique property in the Town of Leitch. Several appraisers have stated that no other property in the vicinity is comparable in terms of either size or features. The lot is very large
List five types of unregistered interests that may be enforced against a person who purchases land. In each instance, briefly explain why enforcement is allowed without registration.
Bamidele Diop entered into an agreement of purchase and sale with Elton Singh. Under the terms of that contract, she immediately paid $50 000 and promised to pay the remainder of the $500 000 price
“The concept of caveat emptor does not always apply when land is bought and sold.” Is that statement true? Explain your answer.
Since Sharon Krawchuk owned a house that she wanted to sell, she hired Wendell Aitch to act as her real estate agent. Zoriana Scherbak appeared as a potential buyer. While looking around the house,
What does it normally mean if someone says that a purchase and sale of land is subject to a “condition precedent”? Provide a few examples of common conditions precedent.
Dominion Instruments Inc purchased an office complex from Premium Holdings Ltd for $1 000 000. Under the terms of that agreement, Dominion paid $400 000 immediately and gave a mortgage under which it
Why did the Supreme Court of Canada decide that specific performance should not always be available under an agreement for the purchase of land?
Seyed Rabi was the victim of identity theft. A pair of criminals hacked into his computer and acquired all of his personal and financial information. By forging Seyed's signature on a land transfer
What is a “purchaser’s lien”? What is a “vendor’s lien”? Describe situations in which each type of remedy would be available.
Russ Roberts stole $100 000 from his employer, a company named Mifflin Inc. He used that money to build a house on a piece of land that was owned by his father. Although Roberts and his father had
Briefly explain the concept of a charge that arises in the context of mortgages.
The Newton Widget Company owned two properties, each of which contained a factory. After recognizing the need to modernize its operations, it requested a loan of $500 000 from the Bank of the
Can a mortgage be used to finance the purchase of something other than the land that is being mortgaged? Illustrate your answer with an example.
Ahmad Vaughan borrowed $50 000 from Sarah Jamal. The parties' agreement required Ahmad to repay the loan in monthly instalments of $1000. As security, Sarah took a mortgage over Ahmad's nightclub,
The mortgagee receives an interest in land. Is that interest the same under both a registry system and a land titles system? Explain your answer.
Srijan owned a large piece of land, called Greyland, in an area that he believed would soon be re-zoned to allow for industrial developments. In preparation for a business venture that he planned to
“A mortgage involves a difficult tension between the rights of the mortgagor and the rights of the mortgagee.” Discuss that statement in light of the history of the equity of redemption and the
Identify and briefly explain four types of obligations that are usually imposed upon a mortgagor.
“A purchaser of land has no need to worry if the land is already subject to a mortgage. As long as the purchaser did not personally create the mortgage, the mortgagee can sue only the person who
What is an “acceleration clause”? What is a “prepayment privilege”? Which would you prefer to insert into a mortgage agreement if you were a mortgagor? What if you were a mortgagee?
Explain the consequences of foreclosure. How does foreclosure relate to the equity of redemption? Does foreclosure always allow the mortgagee to permanently retain the land in question?
Describe a situation in which the mortgagor and a subsequent mortgagee would prefer the remedy of sale to the remedy of foreclosure by the first mortgagee.
Abe Costello has a lengthy criminal record for car theft. Some time ago, a police officer observed him driving through a red light. When the officer demanded Costello’s driver’s licence and car
“Finders, keepers; losers, weepers.” Is that statement accurate, in whole or in part? Explain your answer.
The Lazy Lion Restaurant was owned and operated by Leon Lowe. Although the property upon which the restaurant was located was owned by Lowe, it was also subject to a mortgage in favour of Ursula
There are different ways of classifying personal property. Use examples to explain the difference between tangible and intangible property, and between choses in possession and choses in action.
Helen Cottee visited Franklin's Hardware Store and purchased a number of items. Because of the size and weight of those items, a store clerk provided Helen with a shopping cart to allow her to more
Identify and briefly explain four ways in which personal property rights can be acquired.
Ben Wicks was a tremendously successful Canadian cartoonist whose work appeared in over 270 newspapers worldwide. He produced thousands of drawings during his career, and he wanted to keep them all.
What is a “consignment”?
Babe Ruth hit 60 home runs in 1927. Roger Maris hit 61 in 1961. Mark McGwire hit 70 in 1998. But in 2001, Barry Bonds surpassed them all. He wrote his name in the baseball record book with 73. His
“You are always entitled to keep property that you find on someone else’s premises.” Explain the extent to which that statement is correct.
Occidental & Atlantic (OA) is a shipping company that offers to deliver goods for anyone anywhere in the world. Mediterranean Imports Ltd wished to have $500 000 worth of silk sent from a port in
Identify and briefly explain four ways in which personal property rights can be lost.
Bobcat Marina operates a marina and dock in a resort area. Because its owner was cautious, it wanted to purchase the "widest possible insurance policy." After discussing its needs with Lloyd's of
What is a “fixture”? To whom does a fixture belong? Explain the factors that will influence a court’s decision as to whether a chattel has become a fixture.
Define the term “bailment,” and list the three elements of a bailment. Which party is the bailor, and which party is the bailee?
Western Paper Inc's warehouse was located next to Thames Explosives Ltd's factory. As a result of a careless manufacturing process, a fire erupted in Thames's premises and soon spread next door. By
Define the word “licence” and explain how that idea applies within the law of bailment.
Horst and Jurgen Romani grew up in Europe. As an adult, Horst immigrated to Vancouver. Jurgen remained behind and, while in France, developed an idea for a perfume company. He then began to purchase
“Since the bailor is simply delivering possession of goods to the bailee, the bailor never has an obligation with respect to the quality of the property.” Is that statement true? Illustrate your
Nocturna Mattress Ltd kept a large inventory of beds in its warehouse. As a matter of internal management, it tried to keep about $60 000 worth of stock on hand at all times. It purchased property
Explain how the concept of a lien is important to some types of bailment.
Why does the law sometimes shift the burden of proof when the bailor complains that property has not been returned in a timely manner or in good condition? Briefly describe the situation in which the
Explain the concept of deviance and explain how it is related to the defence of reasonable care that exists in a case of bailment.
Define the phrase “common carrier.” Is every business that transports goods for a price a common carrier? Explain your answer.
“A common carrier is an insurer of bailed goods.” What does that statement mean? Will a common carrier always be held responsible if goods are lost or damaged while in its possession? List three
Explain the process of sub-bailment and identify the parties that are involved in that process. Is a bailee always entitled to place goods into a sub-bailment?
Use examples to explain the difference between third-party insurance and first-party insurance.
Define the term “indemnification.” Explain how the concept of indemnification affects the ideas of (i) an insurable interest, (ii) excessive insurance and insufficient insurance, and (iii)
Briefly explain the concept of “subrogation” in the context of property insurance.
The Beautiful Boy Modelling School hired Keith to prepare commercial artwork for its company materials. Upon completion of the work, Keith invoiced the school for $1600 and was promptly paid. Later,
Distinguish between “non-exclusive possession” and “nonrivalry,” and discuss how these features of ideas create a need for intellectual property law.
Talia sold her famous sculpture Angst of a Bicycle Tire to the owners of a new downtown shopping mall for a substantial price. The owners installed the sculpture in the foyer of the mall to the
How does the scarcity of an asset affect its value? How can a prudent business manager increase the value of ideas and business-related information?

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