The Law And Business Administration In Canada 15th Edition J.E. Smyth, Dan Soberman, Alex Easson, Shelley McGill - Solutions

21. What is the role of a corporation’s auditor? To whom is the auditor’s duty owed?
20. What information must be provided in a corporation’s annual financial statements?
19. Are there any restrictions on the directors’ powers to issue new shares?
18. What are “pre-emptive rights” in relation to a corporation’s shares?
17. Do shareholders have any right to receive a dividend if the corporation is profitable?
16. What is a proxy? How are proxies appointed?
15. What are class rights?
14. What is the difference between an ordinary resolution and a special resolution?
13. What are the principal rights attached to shares in a corporation?
12. What is meant when one says that a minority shareholder is (a)“locked in” and (b) “frozen out”?
11. Who is an “insider”?
10. What is insider trading?
9. In what circumstances might a director have a conflict of interest?
8. What is meant by intercepting a corporate opportunity?
7. When a director enters into a contract with her own corporation, what precautions should be taken to ensure the validity of the contract?
6. What defences are available to a director accused of breach of duty?
5. To whom are directors’ and officers’ duties owed? What about the board of an Ontario corporation?
4. How are directors appointed? How may they be removed?
3. What are the principal powers given to the board of directors of a corporation incorporated under the CBCA?
2. Where are the rules of corporate governance found?
1. What is the distinction between the business and the affairs of a corporation?
19. What are the differences between a group of corporations and a cooperative?
18. In what circumstances are restrictions on the transfer of shares binding on purchasers of the shares?
17. In what sequence should a corporation’s assets be distributed on liquidation of the corporation?
16. What factors influence an investor’s choice between shares and bonds?
15. What are the usual rights of bondholders?
14. What special rights are normally carried by preferred shares?
13. What is the function of a corporation’s stated capital account?
12. What are the main advantages of forming a professional corporation?
11. What are the principal characteristics of closely held corporations?
10. What is the main function of a corporation’s bylaws?
9. Why must care be taken in selecting a corporate name? What is a“number name”?
8. What information must be set out in articles of incorporation?
7. How does the articles of incorporation system of forming a corporation differ from (a) the letters patent system and (b) the memorandum and articles system?
6. What is meant by “lifting the corporate veil”?
5. In what ways may two or more corporations be said to be“associated”?
4. What were the principal arguments made by the creditors in the Salomon case in attempting to make Salomon personally liable?
3. What are the main differences between partnerships and corporations?
2. What is meant by “limited liability”? Whose liability is limited?
1. What is meant by a “legal person”?
21. What is an income trusts?
20. In what ways is the liability of a partner in an LLP limited?
19. What is a limited liability partnership? How does it differ from a limited partnership?
18. What are the principal advantages and disadvantages of being a limited partner?
17. What are the principal forms that a joint venture may take?
16. Is there any difference between a partnership and a joint venture?
15. How is partnership property distributed on the dissolution of a partnership?
14. What are the three principal fiduciary duties imposed on partners?
13. Can a partner receive a “salary” from the firm? What is the real nature of a partner’s salary?
12. What steps should a partner take to protect herself against ongoing liability when she retires?
11. What is “joint liability”?
10. What is meant by “apparent authority”?
9. What does it mean to say “every partner is an agent of the firm”?
8. When is it necessary for a partnership to be registered?
7. Why is it important to distinguish between partnership property and the personal property of the individual partners?
6. In what circumstances may a person receive a share of the profits of a partnership business without herself being a partner?
5. What is the difference between sharing profits and sharing gross receipts?
4. What are the basic elements of the partnership relationship?
3. What are the advantages and disadvantages of partnerships as opposed to sole proprietorships?
2. Is it necessary to have a written agreement in order to create a partnership?
1. To what laws are sole proprietorships subject?
16. How does title insurance change the tasks that the purchaser’s lawyer must complete? Discuss the consequences of title insurance.
15. In our “typical real estate transaction,” explain why Vincent might not agree to take back a second mortgage.
14. What is the appeal of a reverse mortgage on their home to a retired older adult couple?
13. Why would a mortgagor who has defaulted request the court to hold a sale of his property rather than allow the mortgagee to foreclose?
12. Greenacre, a five-hectare field in a new subdivision, is available for sale. You would like to divide it into 20 lots, develop eight of them yourself, and eventually sell off the remaining 12 lots.Describe an important term you would want in the mortgage you need to finance the purchase.
11. Distinguish between a general creditor and a secured creditor.
10. M, a mortgagee, wishes to sell you a $20 000 mortgage on Blackacre. M states that Q, the mortgagor, is already in default, but M needs money quickly to proceed with another transaction.M offers to assign the mortgage to you for $16 000. Name the two most important things you would need to
9. In addition to timely repayment of the loan, what other duties does a mortgagor assume?
8. What are the main options open to a second mortgagee when the mortgagor defaults?
7. When a purchaser acquires land from the mortgagor and defaults, who may the mortgagee sue? Why? Are there any exceptions to this rule?
6. In a sale of mortgaged land by the court, what are the consequences for the mortgagor if there is a deficiency? If there is a surplus?
5. Define foreclosure, acceleration clause, redemption, charge, and power of sale.
4. Why does a mortgagee rarely take possession immediately on default by the mortgagor?
3. Describe the two harshest of the common law rules for mortgagors. How did equity remedy this?
2. How does a mortgagee’s interest in land under the land titles system differ from the type of interest a mortgagee receives under a registry system?
1. Describe the contractual aspects of a mortgage.
20. Describe briefly the reasons for treating residential tenancies differently from commercial tenancies.
19.1. What are three characteristics that make leaseback arrangements attractive to lessee businesses?2. What are the characteristics that make them attractive to lessor financial institutions?
18. Stroll leases a warehouse for a term certain of five years. During the second year of the lease, the landlord, Vernon, mortgages the land. At the end of the fifth year of the lease, Stroll and Vernon enter into another lease for a further five years. Explain the difference, if any, in
17. How is the relationship of a tenant affected by his landlord’s sale of her interest to a purchaser? What is the nature of the new relationship?
16. Explain the importance of renewal clauses in business leases.
15. Oscar leased Blackacre from Brenda for five years at a monthly rent of $1200. Neither of them seemed to notice when the lease had expired. For several months, Oscar continued to pay his rent on the first day of each month. Brenda now needs to take possession of Blackacre for a large
14. Under the common law, how long a period of notice must be given to terminate a yearly tenancy? What is the meaning of“clear” as it relates to notice?
13. What property is exempt from a landlord’s right to distrain?
12. In what way may a tenant be in a difficult position when the premises burn down, even if the lease states that the rent is suspended until the premises are rebuilt?
11. Describe the landlord’s duty to mitigate after a tenant abandons the premises.
10. What is the dilemma for the landlord when a tenant abandons the premises during the term of the lease?
9. How would you suggest that responsibility for insuring the premises be allocated in a large shopping mall? Describe the most difficult aspects of the problem.
8. Turner rented a store from Lauren on the ground floor of a multi-story building as an art gallery to sell paintings and small statues.Turner’s hours of business were normal retail business hours. A few months later, Lauren leased the adjoining store to Rockbar Inc. It played very loud music
7. Describe the usual responsibilities of a landlord for repairs when a tenant leases only part of a building. How does this situation differ from a lease of an entire building?
6. Lewis owns a five-bedroom house next to his own home in Niagara-on-the-Lake and rents it to Tessa for three years. Tessa then applies for a licence to operate a bed-and-breakfast on the premises. Lewis objects to such use of the house. Would he have any legal recourse against Tessa?
5. What are the concerns of a landlord with respect to a tenant’s right to assign the remainder of a leasehold interest?
4. Describe the difficulty caused by the strict covenant to pay rent as it relates to frustration in contract law.
3. Should a leasehold interest be shown as an asset (with an equal and offsetting liability) on the balance sheet of a business? If so, at what amount?
2. What are the risks for a tenant if he limits his right to exclusive possession of the premises? Explain.
1. Define tenancy at will, term certain, overholding tenant, subletting, eviction, forfeiture, surrender, and quiet enjoyment.
20. What is the purpose of a survey?
19. What must a prospective purchaser of land do to ensure that the vendor has the right to transfer the property clear of any claims?Does the purchase of title insurance change this answer?
18. How is electronic registration connected to the expansion of the land titles system?

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The Law And Business Administration In Canada 15th Edition J.E. Smyth, Dan Soberman, Alex Easson, Shelley McGill - Solutions

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